IMF Chief Says Contagion Risks High

Subject: IMF Chief Says Contagion Risks High Tue Mar 18, 2008 12:22 am

The global economic outlook is worsening and the risk of contagion from a financial markets crisis that began in the United States is now very high, IMF chief Dominique Strauss-Kahn said on Monday.

At a news conference in Paris, he welcomed the overnight steps taken by the US central bank and said the International Monetary Fund would be cutting its growth forecasts again soon.

He also said the European Central Bank and the US Federal Reserve were managing the market liquidity troubles very well, and that the situation in currency markets, while tricky, did not in his view call for central bank intervention.

”Obviously the financial markets crisis which started in the United States is now more serious and even more global than it was a few weeks ago. The risks of contagion are very high,” he said.

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IMF Chief Says Contagion Risks High

IMF Chief Says Contagion Risks High

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