Eurozone debt crisis threatens banks, rest of world: IMF

Economic Times
September 20, 2011

BRUSSELS: The eurozone’s debt mountain poses a threat to the world economy, the IMF warned on Tuesday, putting pressure on European banks to boost their capital to survive the crisis.

The IMF sounded the alarm in a world economic report that sharply lowered the IMF’s growth projections for the 17-nation eurozone to 1.6 percent in 2011 and 1.1 percent in 2012, down from 2.0 percent and 1.7 percent in a June forecast.

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“Should the periphery’s debt crisis continue to propagate to core euro area economies, there could be significant disruption to global financial stability,” the IMF said in its “World Economic Outlook.”

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This article was posted: Tuesday, September 20, 2011 at 11:04 am

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