IMF

Greece is seeking a two-year extension to its austerity programme from the European Union and IMF as it struggles to find room for another €11.5bn of spending cuts.

Italian Prime Minister Mario Monti has described a psychological rift deeply ingrained within the eurozone that could potentially rip Europe apart.

GOLD

The UK economy shrank by 0.7% in the second quarter of the year, a far worse contraction than economists had forecast, keeping the UK mired in recession.

GDP data released today is expected to paint a miserable picture for the UK economy, with a contraction in growth forecast for the second quarter.

Eurozone economies are in critical danger and in dire need of expansive quantitative easing measures from the ECB, according to an International Monetary Fund (IMF) staff report.

The IMF has cut its forecasts for UK GDP growth for both this year and next as it warns of a "ratcheting up" of financial market and sovereign stress in the eurozone periphery.

The International Monetary Fund is set to revise down its global growth forecast as economic conditions deteriorate.

The International Monetary Fund has trimmed its US GDP forecasts and warned the nation's economic recovery remains fragile.

ECONOMICS