November 19, 2011
The International Monetary Fund is inserting itself more forcefully into Europe’s efforts to resolve its debt crisis, hoping to stem a contagion that is spreading worldwide and threatening global growth.
Uncertainty is turning into frustration and near-panic among policymakers outside Europe as larger European economies such as Italy, Spain and¬†France come under attack by financial markets and bank funding stresses worsen.
Until now, Europe has tried to navigate its way out of the two-year crisis on its own and the IMF has worked as a partner in a rescue “Troika” alongside the European Commission and European Central Bank in bailing out debt-stricken¬†Greece.
But patience, both among officials outside of Europe and in markets, is running thin with what many view as Europe’s painfully slow decision-making process.
This article was posted: Saturday, November 19, 2011 at 4:20 am