Japan's finance minister denies he was drunk at a G7 news conference but opposition lawmakers sense blood in the water and are demanding he be fired, adding yet more pressure on a deeply unpopular government that faces an election this year.
Global News Journal
George Alogoskoufis is a hardly a household name outside Greece and EU financial circles. But the newly sacked Greek finance minister could yet become a poster child for politicans struggling to fight off economic decline and banking industry collapse. His demise was in large part due to a public perception that he was helping out the banks but ignoring rising joblessness.
IMF chief Dominique Strauss-Kahn said on Monday that the Fund could cut its forecast for China’s economic growth in 2009 to around 5 percent. To think that only last year China was galloping at a double-digit clip. It’s staggering, and it’s worrying.
As journalists, we spend a lot of time watching politicians and policies to guage their impact on financial markets and economies. Now, as recession takes an inexorable hold in the Asia-Pacific region, we’re watching for the impact on politicians themselves.
The Indonesian rupiah has lost more than a fifth of its value against the dollar so far this year and on Friday hit its weakest point since August 1998. Authorities swooped in to take over an
insolvent Bank Century, the first such takeover since the Asian financial crisis a decade ago.