The world economy is beset by problems such as high unemployment and rising prices which could fuel trade protectionism and even lead to war within nations, the head of the International Monetary Fund warned.
The head of the International Monetary Fund criticized Europe's disjointed response to the Euro zone debt crisis after Germany and other states resisted his calls for bolder action.
Finance Secretary Hernán Lorenzino said Argentina wants to successfully conclude negotiations with the Paris Club Group of creditor nations involving 6.7 to 8 billion US dollars in defaulted debt before April.
The Group of 20 (G20) nations reached in Korea a dramatic deal on Saturday as China, the United States agree to avoid “currency war” and to refrain from having too much trade surplus or deficit.
Capital flooding into Asia could lead to excessive exchange-rate moves, asset bubbles and financial instability, Domnique Strauss-Khan, the head of the International Monetary Fund, said in Shanghai Monday.
International Monetary Fund Managing Director Dominique Strauss-Kham sees no major danger of an escalation of currency devaluations as countries seek to boost economic growth.
IMF Managing Director Dominique Strauss-Kahn praised Spain’s management of the current economic situation and said the budget deficit will shrink “rapidly” as the government’s overhaul of labor rules boosts economic growth.
The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.