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IMF promises to act decisively to fix Europe

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IMF promises to act decisively to fix Europe article image
Europe’s leaders will do just about anything to prevent further escalation of the current debt crisis, the International Monetary Fund has said. With concerns rising that moves to fix fiscal deficits in Europe and the United States are already hurting the rest of the world, uneasiness is being felt the world over. In combination with surplus liquidity fuelling oil and food price increases, market volatility and spending cuts are leaving everyone in a panic. However the IMF policy board is keeping a positive outlook and says it has agreed to "act decisively to restore confidence and financial stability, and rekindle global growth." IMF chief Christina Lagarde is trying hard to quash any concerns about the world’s top financial officials earnestness in dealing with the crisis. "There was no denial, no finger-pointing," said Lagarde of the recent meeting of the IMF. US Treasury Secretary Timothy Geithner has given stern warning that Europe’s Leaders aren’t keeping up with the fast-moving markets, insisting that they move away from any reliance on the European central bank to deal with the crisis. The IMF, alongside Germany and France, has agreed to commit to the July 21 package of new money for Greece and broaden the scope of the emergency European Financial Stability Facility. "We are hand in hand with Germany to implement the July 21 agreement, not to move away from this strategy," said French Finance Minister, Francois Baroin. Many hurdles are still to come, with Greece still hoping to remain in the eurozone. German Finance Minister, Wolfgang Schaeuble said if Greece takes the necessary measures, "we’ll do everything to make that happen".

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