"brink of systemic meltdown",

[seemslikeadream]

IMF in global 'meltdown' warning

http://news.bbc.co.uk/2/hi/business/7665515.stm



The world financial system is teetering on the "brink of systemic meltdown", the head of the International Monetary Fund (IMF) has warned in Washington.

Dominique Strauss-Kahn said the crisis was being fanned by fears over debt-ridden banks but added rich nations had so far failed to restore confidence.

He spoke after talks with US President George W Bush, Group of Seven (G7) finance ministers and the World Bank.

Mr Bush said the global economic crisis needed a united international response.

Speaking in the US capital on Saturday, Mr Strauss-Kahn said: "Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown."