BREAKING NEWS

IMF's Lagarde: Global risks up, time to act is now

By REUTERS

AUGUST 27, 2011 20:18

JACKSON HOLE - The new head of the IMF warned on Saturday that the global economy risks falling back into recession and called for urgent coordinated policy action, including the mandatory recapitalization of European banks.

"Developments this summer have indicated we are in a dangerous new phase," International Monetary Fund Managing Director Christine Lagarde said at an annual gathering of global policymakers hosted by the Kansas City Federal Reserve Bank. "The stakes are clear; we risk seeing the fragile recovery derailed. So we must act now."

Two years after the end of the worst of the recent financial crisis, growth in both the United States and Europe is sputtering, and debt crises on both sides of the Atlantic have shaken public confidence in a global recovery.

Advanced economies must forge long-term plans to bring their debt under control, but at the same time should not pursue belt-tightening so fast that it imperils recovery, Lagarde said on Saturday.

Bernie Sanders to Netanyahu: you are using antisemitism as a distraction

By JERUSALEM POST STAFF

04/26/2024 12:33 AM

Yeshiva University re-opens admissions amid safety concerns on campuses

By JERUSALEM POST STAFF

04/26/2024 12:19 AM

US preparing to announce $6b in weapons for Ukraine, Politico reports

By REUTERS

04/26/2024 12:12 AM

Yemen's Houthis say they targeted MSC Darwin ship in Gulf of Aden

By REUTERS

04/26/2024 12:01 AM