Tagged: International Monetary Fund (IMF)

The International Monetary Fund has admitted "notable failures" in the Greek bailout, saying in a report Thursday that despite the steps Greece's recession and unemployment problem were more severe than anticipated.

The report said the program had succeeded in keeping Greece within the eurozone and mostly prevented the country's economic troubles from spilling over to the rest of the region. "However," it said:

Drivers will find this summer's gas prices are lower than last year's, the result of a spike in crude oil production. Government forecasters say a gallon of regular gasoline will cost about $3.50 this summer — a slide of more than 10 cents from last year.

The International Monetary Fund has lowered its projections for global economic growth, including in the United States, citing sharp cuts in government spending and the struggling eurozone.

The Washington, D.C.-based international lender's World Economic Outlook shaved its 2013 forecast to 3.3 percent from 3.5 percent. It also trimmed its projection for 2014 to 4 percent from 4.1 percent.