IMF Head: World Faces 1930 Type Depression -- UPIWASHINGTON, Dec. 16 (UPI) -- The world could plummet into a 1930s-style Depression unless all countries fix Europe's spiraling debt crisis together, the world's lender of last resort said.
"There is no economy in the world -- whether low-income countries, emerging markets, middle-income countries or super-advanced economies -- that will be immune to the crisis that we see not only unfolding but escalating," International Monetary Fund Managing Director Christine Lagarde said.
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My Comment: This comment by the head of the IMF comes on the heels of major banks being downgraded by the credit rating agency Fitch. As for the Euro pact, last weeks agreement is already coming apart.
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