The majority of financial services practitioners (60%) believe the UK is right to continue to support the International Monetary Fund (IMF) to help economies in trouble, a CISI survey shows. The survey was conducted following Chancellor George Osborne’s decision to loan £10bn to the IMF. The Chancellor was criticised, including by his own backbenchers, for wasting money trying to prop up the troubled eurozone.
A number of supporters of the move argued that it was important that the UK backed the IMF as it may require such assistance in future. One said: “It is a loan for which interest will be paid, and it is in the interest of the UK that there is international confidence in the financial markets.”
Among the 40% of respondents who opposed the loan, one commented: “In the midst of a double-dip recession and the worst financial crisis the world has seen, the last thing you do is give £10bn to a global monetary fund to help countries that can’t be helped in the first place.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
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