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Tuesday, November 18, 2008

IMF requires $1.2 trillion to boost world economy

Up to two percent of the world's income, or 1.2 trillion dollars, should be spent on reviving the global economy.

Dominique Strauss-Kahn, the fund's managing director, called for "massive" and coordinated use of budgetary policy to overcome the crisis.

"It is time to use all instruments," he said at the opening of a conference on economic integration in the Maghreb region, urging a budgetary "push" of two percent of countries' gross domestic product. On a world scale, this would add up to 1.2 trillion
dollars

.

"A coordinated budgetary policy sharply increases the effect of the policy," Strauss-Kahn said.

He indicated that he would favour a further interest rate cut by the European Central Bank.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Jun 03
19:30 RealClearMarkets/TIPP Economic Optimism (MoM) 1 49.2 49.1 47.9
19:30 Factory Orders (MoM) 2 -3.7% -3.0% 3.4% Revised from 4.3%
19:30 Fed's Bostic speech 2
19:30 JOLTS Job Openings 2 7.391M 7.100M 7.200M Revised from 7.192M
n/a GDT Price Index 1 -1.6% -0.9%
22:15 Fed's Goolsbee speech 2
22:30 Fed's Cook speech 2
Wednesday, Jun 04
n/a Total Vehicle Sales 1 16.3M 17.3M
02:00 API Weekly Crude Oil Stock 1 -4.236M
04:30 AiG Industry Index 2 -15
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