Opening Bell: IMF says the world is at risk of "economic derailment," sterling drops, Cyprus exits its bailout

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The IMF has warned that the global economy is at risk of becoming "derailed" as China's slowdown continues.

It deputy leader, David Lipton said, "We are clearly at a delicate juncture," as he called for international co-operation to avoid a new economic crisis.

"Now is the time to decisively support economic activity and put the global economy on a sounder footing. This requires some tough choices, with advanced economies in particular, needing to step up to the plate," he continued.

Mr Lipton also expressed his objection to the notion that central banks have run out of ammunition to provide economic stimulation.

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The pound suffered its biggest drop in two weeks against the euro after the Bank of England's governor Mark Carney discussed the impact of a potential UK exit from the EU.

Mr Carney has been accused of jeopardising the credibility of the central bank as he indicated that an exit would create financial instability.

"The language we've used in the report, the language we use in the letter, is careful ... To state the obvious, economic questions are important questions in terms of the broader decision the people of the UK have to make," Mr Carney told MPs yesterday.

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Cyprus has exited its €10bn bailout programme ahead of schedule - 30% of the available bailout funds were ultimately not required.

It is the fourth country to exit such a programme after Ireland, Spain and Portugal - leaving Greece as the only EU country currently being bailed out. Cyprus entered the bailout in 2013.

“There is still one prior action outstanding, but overall the Cypriot authorities have delivered a very, very good job,” said Jeroen Dijsselbloem, Dutch finance minister, and the head of the Eurogroup.

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Irish employers plan to hire 5% more staff between April and June of this year.

The report from Manpower Group shows that there is strong growth in the hospitality sector, with staff levels increasing by 12% in the opening months of 2016.

Agriculture, forestry, and fishing are the only sectors that are expected to register declines in staff levels during the second quarter of this year.