IMF chief warns of 'gloomy' outlook
The head of the International Monetary Fund has warned that prospects for the global economy are gloomy and it will take concerted action by all countries to resolve an escalating European debt crisis.
IMF managing director Christine Lagarde said Europe's problems will not be solved by Europe alone. She said all countries must work together, with the help of the IMF, to deal with the issues raised by heavily-indebted European countries.
Speaking in Washington, she added that if the issues are not dealt with decisively, the global economy could confront the same threats that pushed the world into the Great Depression of the 1930s.