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December 2, 2008 5:15:27 AM CST

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World Money Chief Calls for Global Action

Posted Jan 28, 08 10:55 AM CST in Business,  World 

(Newser) – With a global recession looming, the head of the IMF has warned bankers meeting in Davos, Switzerland, that lower interest rates alone won’t avert a crisis, the Financial Times reports. Dominique Strauss-Kahn called on governments to follow the US in easing fiscal policies, reversing a quarter-century of emphasis on tight spending. IMF forecasts due this week show a “serious slowdown” globally, he said.

"I regard this as a recognition of the gravity of the situation that we face," said ex-US Treasury Secretary Larry Summers. Merrill Lynch head John Thain, meanwhile, told the group the subprime crisis battering Wall Street is spreading to credit card and consumer loan markets: “We are likely to see another wave of problems on the consumer-credit side,” he said.

Source Financial Times (UK)

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Germany's Chancellor Angela Merkel, Juan Somavia, secretary general of the International Labor Organization ILO, and Dominique Strauss-Kahn, managing director of the International Monetary Fund IMF, from...   (Associated Press)
Head of International Monetary Fund, IMF, Dominique Strauss-Kahn gestures as he leaves the Elysee Palace, in Paris, after a meeting with French President Nicolas Sarkozy, Monday, Jan. 21, 2008. (AP Photo/Christophe...   (Associated Press)
Chairman of the International Monetary Fund Dominique Strauss-Kahn pauses speaking during a working session at the World Economic Forum in Davos, Switzerland, Saturday Jan. 26, 2008. Business leaders...   (Associated Press)
SWITZERLAND-WTO-SUMMIT-TRADE-AID-KAHN   (Getty Images)
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subprime crisis • recession • interest rate cut • IMF • International Monetary Fund • John Thain • Larry Summers • Dominique Strauss Kahn • Davos


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