Europe: Greece submits new reform plan to EU and IMF

After many problems between Greece and its European partners. Greek government has presented a new reform plan should be submitted by European Union (EU) and International Monetary Fund (IMF). It is believed Athens has conceded ground on VAT reforms, pensions and the country’s primary surplus target. Greek PM Alexis Tsipras meets the French president Francois Hollande and German chancellor Angela Merkel in EU-Latin America Summit on Thursday. Conclusion: Tsipras and his plan to save or shrink Greece.

Europe: Greece delays 5 June IMF debt payment for Eurozone despair

After a long night of talks among Eurogroup, IMF and European Union officials. Greece has postponed its debt payment to IMF. Athens will pay it until 30 June.

IMF spokesman Gerry Rice said that under a precedent dating back to the late 1970s, governments could ask to bundle together “multiple principal payments falling due in a calendar month… to address the administrative difficulty of making multiple payments in a short period.”

Tsipras said after talks in Brussels in the early hours of Thursday that an agreement with Greece’s international creditors was “in sight”.

However, the head of the eurozone’s finance ministers Jeroen Dijsselbloem, who was involved in the negotiations, said later the gap was “still quite large”.

Conclusion: Greeks and Europeans don’t trust on Tsipras’ words

Greece: Tsipras has ‘realistic’ debt deal proposal despite European concerns

After a long night meeting among heads of European Central Bank (ECB) Mario Draghi and International Monetary Fund (IMF) Christine Lagarde with German Chancellor Angela Merkel and French President Francois Hollande to discuss the Greek crisis in Berlin. Greece’ PM Alexis Tsipras vows a realitisc debt deal proposal.

He says he has issued a “a realistic proposal” to its international creditors in an attempt to secure a deal over its debts.

“We have submitted a realistic plan for Greece to exit the crisis,” he said.

Tspiras said the plan included “concessions that will be difficult”.

Conclusion: Will Tsipras save Greece from this?

Economy: IMF warns of ‘weak and uneven’ global recovery

World economy lives uncertain times. Now, IMF releases its global forecast. It said global economic growth for both this year and next and warned the recovery is “weak and uneven”. It is now forecasting 3.3% growth this year, down from its forecast in July of 3.4%. Next year, it predicts 3.8% growth, against an earlier prediction of 4.0%.

The sharps downgrades in Russia, Eurozone, Middle East and Japan are expected by IMF.

“This number hides very different evolutions. Some countries have recovered or nearly recovered. But others are still struggling,” said IMF chief economist Olivier Blanchard.

Blanchard said the pace of recovery was becoming more country specific.

Conclusion: investors are very concerned now.

Crimea crisis: UN declares referendum as illegal

After days of uncertainty, UN general assembly declares the Crimean referendum as illegal by one hundred voted favor, eleven voted against and 58 abstentions. Earlier, former PM Yulia Tymonshenko announces her bid for 25 may presidential elections. Later, IMF agreed to a loan deal with Ukraine worth $14-18bn. What’s it means: Ukraine loves west more than Russia.