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Sunday, 12 October 2008
Rest of the article here.
The global financial system is on the brink of a systemic meltdown despite interventions by the US and Europe to stabilize markets, the head of the International Monetary Fund says.
Even with unprecedented actions in major economies, including co-ordinated central bank rate cuts, IMF Managing Director Dominique Strauss-Kahn today said those measures had so far failed to calm the situation.
"The measures have not yet achieved the goal of stabilizing markets and bolstering confidence," Strauss-Kahn told the IMF's policy-steering committee, the International Monetary and Financial Committee. "Thus, additional moves will likely be needed in the coming months."
He said the financial crisis had deepened and was now affecting many more parts of the global financial system, including emerging markets, which until now had been shielded from the crisis.
Even with unprecedented actions in major economies, including co-ordinated central bank rate cuts, IMF Managing Director Dominique Strauss-Kahn today said those measures had so far failed to calm the situation.
"The measures have not yet achieved the goal of stabilizing markets and bolstering confidence," Strauss-Kahn told the IMF's policy-steering committee, the International Monetary and Financial Committee. "Thus, additional moves will likely be needed in the coming months."
He said the financial crisis had deepened and was now affecting many more parts of the global financial system, including emerging markets, which until now had been shielded from the crisis.