Saturday, September 24, 2011

International Monetary Fund chief warns of 'looming collapse' as investors suffer worst week in THREE YEARS - 24th Sept 2011

The head of the International Monetary Fund warned today of a 'looming collapse in global demand' that would pitch world economies into a new recession.

The comments of IMF chief Christine Lagarde came on the day that money markets and investors experienced their worst day for three years.

She told politicians and leading economists in Washington that urgent action must be taken, alluding to 'dark clouds over Europe and hug uncertainty in the United States'.

She added: 'The actions I am calling for today are not for the coming years – they are for the coming months.'

The Dow Jones today finished its worst week since the depths of the financial crisis in 2008, as hundreds of ‘Occupy Wall Street’ demonstrators continue an Egyptian-style protest in New York.

All three U.S. stock markets finished slightly up on Friday - but it hasn't erased a torrid week in which the Dow plunged 6.4 per cent, the S&P 500 dropped 6.6 per cent and the Nasdaq fell 5.3 per cent. Read More