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IMF confident of action taken to tackle financial crisis
Oklahoma City News.Net
Sunday 12th October, 2008 (Barry Wood )
As leaders of the countries using the euro currency announced measures to protect financial institutions and guarantee inter-bank lending, the head of the International Monetary Fund, Dominique Strauss-Kahn, said in Washington Sunday that a coordinated and effective program for combating the financial crisis is now in place.
Strauss-Kahn spoke at the conclusion of a meeting of finance ministers from advanced and developing countries. He said the emergency measures announced on Sunday by European leaders in Paris are very positive.
'I'm confident because I think that what has been done these last few days, starting with the G-7 statement on Friday, going on after with the annual meeting of the [International Monetary] Fund and the World Bank, and ended a few hours, or minutes, ago by the meeting of the euro zone is exactly the type of action we have to take,' said Dominique Strauss-Kahn.
France, Germany, Italy and other 'euro bloc' countries will guarantee inter-bank lending and provide cash to banks that need it. The measures are intended to restore investor confidence and to get credit markets to function properly. On Saturday, Strauss-Kahn warned that the global financial system was on the brink of a meltdown.
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