The International Monetary Fund warned the eurozone bloc that “delayed or half-hearted” budget cuts will weaken the confidence of investors. In a report, the Washington-based lender said the existing “crisis management” cannot take the place of fundamental economic restructuring. Meanwhile, EU finance ministers concurred to draft new rules that essentially orders national budgets to be presented to European partners before they are finalized in home countries, BBC reports.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.