The global economy faces being thrown into a deep “economic retraction” reminiscent of the great depression of the 1930’s, the International Monetary Fund (IMF) Chief said.
“There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating," British Sky News TV channel quoted Christine Lagarde as saying. "It is not a crisis that will be resolved by one group of countries taking action. It is going to be hopefully resolved by all countries, all regions, all categories of countries actually taking action.”
According to information circulated in the business world, Ms. Lagarde discusses the program of IMF assistance to eurozone countries, in order to stabilize their bond markets. However, according to Itar-Tass, the consultations now encountered considerable difficulties, as several major donor countries in IMF believe that eurozone states must adopt additional stabilization measures before they are given major support from the Fund.
