Europe must deal with Greece or suffer, says International Monetary Fund


SIMON DUKE
UK Daily Mail
June 18, 2011

Europe’s political elite is ‘playing with fire’ through its failure to tackle the economic crisis engulfing Greece, the International Monetary Fund has warned.

EU

The Washington-based watchdog predicted that a fresh round of turmoil would spread through financial markets unless European leaders shore up the stricken eurozone periphery.

In its quarterly health check on the global economy, the IMF said the US government must also stop ducking the tough decisions required to rein in its vast budget deficit.

IMF director Jose Vinals said: ‘You cannot afford to have a world economy where these important decisions are postponed because you’re really playing with fire.’

Unless these dangers are addressed head on, new ‘shocks’ could ‘reverberate across the rest of the world’, which would in turn ‘seriously impair’ the ability of banks to raise funds, according to the IMF.

Full article here

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