International Monetary Fund
  • DURBAN, South Africa (AP) — Leaders of the five BRICS nations fueling global economic growth agreed Wednesday to create a development bank to help fund their $4.5 trillion infrastructure plans — a direct challenge to the World Bank that they accuse of Western bias.

    But the countries were unable to agree on some basic issues. Foreign Minister Pravin Gordhan of South Africa told reporters that there were "different views" about how much capital such a bank would need.

    LAST UPDATE : Mar 27, 2013, 1:02 PM EDT
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  • Cyprus' President Nicos Anastasiades center, takes part in a meeting with various party leaders and the governor of the Central Bank of Cyprus Panicos Demetriades, second right, at the Presidential Palace in Nicosia, Wednesday, March 20, 2013.

    Meeting underway at central bank to discuss an alternative plan for raising funds, but also for reducing the 5.8 billion euros that must be found domestically.

    LAST UPDATE : Mar 20, 2013, 11:44 AM EDT
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  • Asian stock markets and the euro tumbled as a plan to fund a bailout for Cyprus by taxing its bank deposits raised worries it could spark an exodus of capital from fragile European economies.

    LAST UPDATE : Apr 04, 2013, 8:22 AM EDT
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