IMF presses Europe to contain debt crisis

By REUTERS
April 22, 2012 00:38

 
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WASHINGTON - Europe was pressed by other world powers on Saturday to take strong measures to fix its debt-heavy economy and restore growth to a level that would lift the cloud hanging over the fragile global recovery.

A day after top economies agreed to lend more money to the International Monetary Fund to help contain Europe's debt crisis, the IMF's governing panel said the euro area must cut government debt burdens, make bold economic reforms and stabilize its financial systems to restore growth.

Debt problems will resurface unless these steps are taken, the head of the IMF's governing panel, Singapore Finance Minister Tharman Shanmugaratnam, warned.

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