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Wednesday, December 17, 2008

Monetary fund director asks for quick minds to solve crisis

Big News
Tuesday 16th December, 2008

International Monetary Fund Managing Director Dominique Strauss-Kahn has asked world governments to come up with fresh ideas to solve the financial crisis.

Speaking in Madrid, Strauss-Kahn said efforts to rein in a spreading financial crisis needed coordinated action between governments to keep financial firms from going under.

He added that the world was facing an unprecedented decline in output, with negative growth effects to last for some time.

Strauss-Kahn said he expected the world's major economies to contract by 0.25 percent on an annual basis in 2009, requiring measures to stimulate consumer demand and liquidity support for emerging markets.

In conclusion, he said 'We are facing the first decline since World War II.'
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