IMF

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

The International Monetary Fund has amassed a $456bn crisis fund to help save the eurozone from the financial storm currently besieging it.

European ministers' decision to agree a bailout for Spain's banking sector at the weekend has boosted markets, but managers remain cautious on the the extent to which it will solve the eurozone's long-term problems.

The single currency strengthened against the dollar today as Spain was granted a €100bn EU and IMF bailout to prop up its banking sector.