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Tuesday, August 23, 2011

Financial Crisis Is Too Big for Developed World to Cope, Ex-IMF Head Says - Bloomberg

Financial Crisis Is Too Big for Developed World to Cope, Ex-IMF Head Says - Bloomberg: The crisis threatening the global financial system exceeds the capabilities of developed nations and requires a new International Monetary Fund “debt facility,” former IMF head H. Johannes Witteveen said.

“Unusual problems require unconventional solutions,” Witteveen wrote in an opinion piece in the Financial Times today. “The world’s financial system is threatened by a new crisis that could be even worse than that of 2008.” He was IMF managing director from 1973 to 1978.

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