IMF Managing Director Christine Lagarde (R) and IMFC Chairman Tharman Shanmugaratnam hold a joint news conference at the annual meetings of the IMF and the World Bank Group in Tokyo, October 13, 2012.
IMF Urges Decisive Action On Debt By US, Europe -- Voice of America
TOKYO — Global finance ministers are calling for increasing the pace of reform to rebuild confidence at a time of faltering economic growth.
At their joint meeting with the World Bank in Tokyo, leaders of the International Monetary Fund issued a communique acknowledging economic growth is decelerating, amid risk and uncertainty.
The chairman of the IMF's steering committee, Singapore's Finance Minister Tharman Shanmugaratnam, says the situation is improved from earlier in the year.
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My Comment: Greece and Spain are warning bells for those government who ignore calls to reign in spending and borrowing money that you cannot pay back. Unfortunately .... from my vantage point .... France has elected a Socialist government that has promised even more debt and spending, Greece and Spain are failing on their promises to curtail debt, and in the U.S. .... there is no political will in Washington or the electorate (with the exception of the Tea Party movement) .... to stop this catastrophe. In my opinion .... debt and it's horrendous consequences .... if not brought under control .... can easily become the number one national security concern for the U.S. by the next year or next.
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