Tonight:
3°c
IMF ‘war’ worry over recession
23.03.09
The International Monetary Fund today warned that the global recession will not end until banks are cleaned up.
Managing director Dominique Strauss-Kahn said: “You can put in as much stimulus as you want. It will just melt in the sun as snow if at the same time you are not able to have a generally smaller financial sector than before but a healthy financial sector at work.” He also said the crisis will push millions into poverty and unemployment, risking social unrest and even war.
“Bluntly, the situation is dire,” he said.
“All of this will affect dramatically unemployment and, beyond unemployment, for many countries it will be at the roots of social unrest, some threat to democracy, and maybe for some cases it can also end in war.”
