Saturday, June 9, 2012

European leaders must act quickly to solve euro crisis: Lagarde

International Monetary Fund chief Christine Lagarde

Source: Press TV

International Monetary Fund (IMF) chief Christine Lagarde has called on European leaders to take immediate action to solve the eurozone’s crisis.

"We are still at a great distance from our final destination," the IMF leader said, adding that five years into the crisis, Europe stands at “a crossroads”.

Lagarde’s remarks were in response to German Chancellor Angela Merkel’s proposal of long-term plans while other EU leaders suggest quick solutions to the crisis.

"Policymakers need to lay out and follow a clear roadmap of how to finish the job -- not just looking to the next five or ten years, but looking to the next weeks and months ahead," Lagarde added.

Meanwhile, Moody’s rating agency has warned of further downgrades on top-rated EU nations, including Germany, in case of Greece’s exit from the bloc.

There are worries that more delays in resolving the eurozone debt crisis, which began in Greece in late 2009 and infected Italy, Spain and France last year, could push not only Europe but also much of the rest of the developed world back into recession.

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