Global: IMF revises global economic outlook down
The International Monetary Fund (IMF) cut its growth outlook for the global economy from 3.7% in April to 3.4% for this year. Reasons for this downward revision are the weak economic performance of the U.S. and China in the beginning of the year and lower than previously expected growth in Russia. The IMF now forecasts only 0.2% growth for the Russian economy. (Source: Spiegel Online, Language: German)

India: Five reasons why India’s rebound is real
In a report released this week, Morgan Stanley outlined five key indicators that show growth is bottoming out in India. A pickup in economic activity over the past three months is restoring optimism around the country’s outlook. (Source: CNBC)

Italy: Matteo Renzi’s plan to abolish Italian Senate runs into 7,850 problems
The Italian Prime Minister Matteo Renzi is facing difficulties in passing his ambitious reform in the Senate. The reform, which aims to make the Senate less powerful, is meeting strong opposition by the Senators themselves. As a result, the reform is not expected to be approved any time soon. (Source: The Guardian )

Germany: Consumer mood brightens on ECB rate cut
GfK reported that economic sentiment among German consumers improved again in August,  despite the escalation in the situations in Israel and Ukraine. (Source: RTT News)

Ireland: Ireland In Talks To Pay Off IMF Bailout Loans Early
Ireland is in talks to payoff its bailout loans from the International Monetary Fund early, according to Irish Times newspaper. The Irish government is looking for an early repayment only for the IMF loans worth EUR 64 billion. (Source: MNI)

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