09 Nov '11, 5am

IMF chief warns world economy risks "downward spiral"

IMF chief warns world economy risks "downward spiral"

BEIJING: International Monetary Fund chief Christine Lagarde on Wednesday warned the world was at risk of plunging into "uncertainty and financial instability" and urged Asian economies to be on their guard. Speaking at the International Finance Forum in Beijing, Lagarde said Asia was not immune to problems currently sweeping the eurozone, as she began a two-day visit to China likely to focus on the deepening debt crisis in Europe. "If we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability," she said at the forum in Beijing. It is unclear who Lagarde will meet in the Chinese capital, but talks are expected to touch on China's possible contribution to a bailout fund -- the European Financial Stability Facility -- to help the debt-laden eurozone. European leaders have called on China, which has the world'...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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