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Lagarde and IMF rap eurozone

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Lagarde and IMF rap eurozone

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Europe came under pressure again as the IMF issued a weekend call on the continent to get its act together on debt.

Ahead of the market opening on Monday and anticipated renewed pressure on the eurozone, the Fund’s governing panel said more was needed to get debt under control, ensure a stable banking system, and enact “bold structural reforms”.

“On the consequences in southern Europe, or more extensively eastern and central Europe and the large periphery of Europe, it is clearly this immediate circle that is potentially exposed, which is why it’s so important that the Europeans do what they’re committed to do and that they deliver on their programme,” said IMF boss Christine Lagarde.

The IMF said that currently the greatest risk to the world economy was the weak state of the eurozone, and the fear was emergency measures needed in Portugal, Greece and Ireland would soon be needed in Spain and Italy, the zone’s third and fourth largest economies.