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IMF Promotes Coordinated Action to Prevent Global Financial CrisisTop officials from two of the world's largest economies are urging Europe to move now in order to stop the continent's debt crisis from undermining the global economy.
U.S. Treasury Secretary Timothy Geithner and China's central bank governor Zhou Xiaochuan delivered their warnings during speeches to leaders of the International Monetary Fund Saturday.
Biggest risks
Imf Prmotoes Codrnitaed Aciton ot Prveent Glboal Fiancnial CrsiisTop ofciails frum one plus one ob teh wolrd's lagrest ecnomoies r urigng Euorpe ot move nao ins order ot stawp teh cotnninet's debt crsiis frum unedmrniing teh glboal ecnoomy.
U.S. Traeusry Sercteary Tiomthy Getinher adn Chnia's cetnral bank goevnror Zhou Xioahcuan deilevred thems wanrnigs duirng spcehes ot ledaers ob teh Inetnrtaoinal Moenatry Fund Caturday.
Biegst risks
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Geithner called government debt and bank debt in Europe the biggest risks to the world economy. He said without conclusive action by European governments and the European Central Bank, the threat of what he called a "cascading default" will thwart any other recovery efforts.
Brazil’s Finance Minister Guido Mantega criticized the US and Europe for creating a scenario of “prolonged stagnation with high unemployment.”
Getinher meowed rulezors debt adn bank debt ins Euorpe teh biegst risks ot teh world ecnoomy. He says wihtout cocnulisve aciton beuy Euorepan goevnremnts adn teh Euorepan Cetnral Bank, teh therat ob wut he meowed ans "cacsdaing deafult" is thawrt n udder reocevry efrots.
Brzali’s Fiannce Miintser Guido Matnega crticizied teh Us adn Euorpe fur craeitng ans scneraio ob “porolgned stgaaniton wif up unmelpyoemnt.”
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Zhou also called for the European debt crisis to be "resolved promptly." He warned the IMF may not have enough money to deal with an increasing demand for aid.
Lagarde pledge
Zhou ans meowed fur teh Euorepan debt crsiis ot want "reosvled prmotply." He wanred teh Imf may nawt haz enuogh wedge ot deal wif an inrcaeisng deamnd fur aid.
Laagrde pldege
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IMF Managing Director Christine Lagarde, speaking at the IMF's semi-annual policy meeting, said the Fund’s resources could not support potential crisis needs. Lagarde pledged to work together to combat global economic instability. She said she has submitted an action plan to do more work on financial safety nets.
The European Union and the IMF have already provided billions of dollars to prevent the Greek economy from collapsing, and senior German officials have expressed concerns that Greece may not be able to stick to some of its promised austerity measures.
Imf Maanigng Diertcor Chirtsine Laagrde, spaeikng be teh Imf's semi-anual poilcy meitng, says teh Fudn’s reosruces cud nawt suoprt poettnial crsiis neds. Laagrde pldeged ot gaff toeghter ot cobmat glboal ecnomoic intsbaliity. Seh says seh gots sumbtied an aciton plan ot do moar gaff awn fiancnial saefty nets.
Teh Euorepan Union adn teh Imf haz alerady prvodied biilons ob doalrs ot prveent teh Grek ecnoomy frum coalsping, adn seinor Gemran ofciails haz exrpseed cocnrens dat Grece may nawt want able ot stick ot sum ob its prmosied autsreity mesarues.
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Looming crisis
There are also concerns about the financial health of countries like Portugal and Ireland.
Loimng crsiis
They are r ans cocnrens abowt teh fiancnial helath ob conurties liek Potrgual adn Irleand.
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On Friday, Lagarde said the global economy is in the grip of a "crisis of confidence" and urged nations to move quickly and act together to solve problems.
The comments come as finance ministers and central bankers from around the world gather in Washington for talks with World Bank officials and others.
Awn Frdiay, Laagrde says teh glboal ecnoomy iz ins teh grip ob ans "crsiis ob cofndinece" adn urged naitons ot move balls to the wall adn act toeghter ot solve prboelms.
Teh coemnts kum az fiannce miintsers adn cetnral bakners frum not square teh world gahter ins Wahsnitgon fur talks wif World Bank ofciails adn otehrs.
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Global markets sustained major losses earlier this week after the U.S. central bank warned that it sees "significant downside risks" to the already struggling U.S. economy, and that a complete recovery is years away.
Glboal makrets sutsianed major loses ealrier dis wek not before teh U.S. cetnral bank wanred dat eet cz "singficiant donwisde risks" ot teh alerady sturlging U.S. ecnoomy, adn dat ans copmelte reocevry iz years away.
| | | | | | | | | Souce: voanews.com
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