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THE WORLD’S LEADERS need to “act together” and “act quickly” to get the global economy back on the path to recovery, the IMF Managing Director Christine Lagarde said yesterday.
Speaking at the 2011 IMF–World Bank Annual Meetings in Washington, Lagarde warned that without bold and collective action, the world’s major economies risk slipping back into recession.
Commenting specifically on the euro area, she said, “Europe must deal urgently with the twin problems of sovereign and bank debt, and deal with them together.
The countries at the heart of the crisis must implement the programs to which they have committed. And their European partners must do whatever it takes to support them—as they have committed to do.”
Her remarks come as the Eurozone debt crisis deepens and fears of an imminent Greek default mount.
It now seems that the focus has turned away from a Greek rescue and onto what will happen European banks in the case of a Greek default.
Writing in The Irish Times this morning, Arthur Beesley and Lara Marlowe report that European Governments will move this weekend to provide additional financial support to as many as 20 European banks.
According to reports, France has already sought funds for the recapitalisation of some of its banks from the European Financial Stability Fund.
Group of 20
G20 finance ministers have also pushed for bold action to be taken by global leaders.
In a statement released yesterday, G-20 officials pledged to “take all necessary actions to preserve the stability of banking systems and financial markets.”
They are also encouraging Europe to move quickly to carry out its promises to help Greece.
From Washington, US Treasury Secretary Timothy Geithner told European leaders to send a “decisive signal” that they have a strategy for tackling the debt crisis, reports the BBC.
There is a huge premium on early action, he said, because there has been a huge erosion of confidence.
The Greek question
Private economists have questioned whether the action plan unveiled Thursday goes far enough to deal with market concerns that a Greek default is a virtual certainty that threatens to destabilise other highly indebted European countries.
According to German Finance Minister Wolfgang Schaeuble, the second Greek bailout decided upon in July may need to be re-evaluated.
Some of the Eurozone’s richer nations are pushing for an “orderly default” by Greece, says the Associated Press today, citing officials.
The pressure was coming from all sides yesterday as British Chancellor George Osborne told Reuters that the euro area nations had “six weeks” to resolve the crisis.
He said European leaders needed to gain control of the situation by the time the G20 economies meet in November.
Despite talks of an “orderly default,” Greece is still in talks with the Troika to sure up the next €8 billion instalment of its rescue package next month.
-Additional reporting by AP
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Pardon my French but what the fuck are we in now ?
Its about time we took our own destiny int our own hands instead of leaving it up to people like Legarde who obviously have vested intersets in how this situation pans out. Ireland is ours, it belongs to us the citizens of this once great nation, the people who took on the British Empire and won. We have overcome greater and more difficult situations than this in the past, but before now we had a unity which has been absent in Ireland for quite some time. Its time we reclaimed our union’s for ourselves instaead of the interests of big business. Elect the right kind of person to represent your constiuency, steer clear of all the major parties who have led us down this path since the late 60′s. But most importantly of all , become active, get involved in an political organisation, become an activist, get out on the streets an put your arguement forward and shout it aloud untill they listen. Cos no matter how many websites you comment on, its not gonna make one bit of difference. The time for talking is over, it is now time for action, on a global scale.
IMF Off, lets all default, every country and wait for the "catastrophic" effects
We are in up to our gullies, we are pulling our country apart trying to bay back borrowing. And if we don’t pull out now we will be left carrying the pan for the rest of Europe.
Sorry to be alarmist. We’re in the era before the great crash.
The rot began in the 70′s with the decline of manufacturing and traditional industries. This was replaced by an expanding banking industry and increasing levels of government spending.
Wirthshaftswunder: How postwar Germany turned around their basketcase economy by embracing the freemarket.
http://www.adamsmith.org/80ideas/idea/59.htm
The so called ‘ experts ‘ havent a clue how to put this right & I wouldnt blame them. Its getting out of control. And we havent heard a peep out of the gruesme twosome Merkel & Sarkosy. Wonder why. Could it be that they dont know what to do next either !
We’re about to learn a painful lesson. Democratic governments don’t run economies. Only totalarian governments do this and then very poorly.
Governments/central banks influence economies. Invariably, their influence is negative and damaging. The more influence they; the more they damage the economy.
For recovery to begin, governments must stop intervening in their economies.
Completely agree Anne; headless chickens spring to mind!!
How government interventions did more damage than good during the depression.
http://jewishworldreview.com/cols/sowell091411.php3
We have no confidence in the leaders (IMF , WB , G7, ECB) as looking and listening to them is enough !
Just remember one thing, this recession only effects the working class in this country. That includes all the people who have worked in the past & are now unemployed. There are three classes in Ireland now, 1 the people who never worked for whatever reason even when work was plentiful ( nothing much has changed for them) 2 the working class (tax increases, social charges, household charges, etc.) & 3 the upper class ( political, financial & law ). No. 3 will make sure they are protected by changing what they want when they want & no one seems to care. That’s why the head of the IMF can say these things because they still don’t feel the effects yet.
Companies should be there to give people work. Nowadays companies do whatever they can to make profit. Profit is all that counts. So cut benefits, cut jobs cut as much as possible to make as much profit as possible. But not for the sake of the people, just for the bosses and share holders. Same for banks.
And when I hear or read that some people cries out now for a strong leader to repair everything I can hardly eat as much as I want to vomit … Learn history! And this is not a national problem, thats a global one. I think if there is no change of mind globally and this problem can not be solved within a minimum of time and a minimum of destruction this will result in WW 3. The final one.
Might sound negativ, but peoples answer on big problems was always a war.
If goods don’t cross borders, armies will.
Frederick Bastiat
Yes Christine.
The World’s Leaders Need ”Act Together” and ”Act Quickly”
And Tell You And The IMF To F??? Off!!!!
THE WORLD’S LEADERS need to “act together” and “act quickly” to get the global economy back on the path to recovery, the IMF Managing Director Christine Lagarde said yesterday.
Speaking at the 2011 IMF–World Bank Annual Meetings in Washington, Lagarde warned that without bold and collective action, the world’s major economies risk slipping back into recession.
So here we go, next will be… The only option is for europe to unite under the same rule. We are heading for a united government.
Well spotted patrick, this has always been the goal. Even though we all know what’s happening will we be ready to do anything about it when they announce it? And once this is passed into law say goodbye to all sovereignty. This is a takeover make no mistake, only this time fear the key.
A united government is the most worrying.
The west is suffering the effects of many years of neo liberal policies from reagan to Thatcher etc. The establishment cannot solve the problem beacause the solution involves the break up of the establishment. They are trying to put a solution in place that does not address the problem – unregulated markets. So far the proposed solutions ask, how can we satisfy the markets? what they should be asking is, why are we controlled by these corporations? Unfortunately the politicians accross the globe are controlled by wall street.
Rummor has it that we have started to print the punt again if true cant wait
If only.
Those fighting for free enterprise and free competition do not defend the interests of those rich today. They want a free hand left to unknown men who will be the entrepreneurs of tomorrow… (Quote by – Ludwig Von Mises)
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