The European Union could be destroyed by the nightmare Euro crisis, and Germany needs to take the responsibility to save the common currency, billionaire fund manager George Soros said on Monday.
Economic growth in China could drop by half this year in the event of a sharp recession in Europe, the IMF predicted on Monday in a report that underscored the importance of global trade to the world's second largest economy.
Latin American economies face a recession and a credit squeeze if Europe's debt crisis worsens, director of the IMF Western Hemisphere Department Nicolas Eyzaguirre said on Wednesday.
Ratings agency Moody's has given the UK high scores for economic governance but warns the country it faces formidable and rising challenges.
Greek police clashed with anti-austerity protesters and Italy announced sweeping reforms in response to a European debt crisis that on Thursday pushed borrowing costs for France and Spain sharply higher.
German Chancellor Angela Merkel reiterated Thursday her opposition to a greater role for the European Central Bank in helping to solve the Euro zone debt crisis, saying political action was required.
Mario Monti formed a new technocrat government in Italy Wednesday to tackle a major debt crisis threatening the entire Euro zone and said he hoped it would placate financial markets.
Non-European policymakers joined US President Barak Obama in urging greater action from the European Union to deal with the two year old crisis, and came as equity markets fell in response to a sell-off in euro zone bond markets.
Latin America’s economy is forecasted to grow between 3.5% and 4% this year, which is less than previous estimates before the current global financial crisis, said World Bank representative for the region, Pamela Cox.
Argentina, Brazil and Mexico meeting in Uruguay ahead of the G-20 summit in France next November, agreed to demand a greater role for the region in global affairs and in helping to resolve the global economic crisis.