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IMF expects more requests for aid | IMF expects more requests for aid |
(about 1 hour later) | |
The head of the International Monetary Fund has told the BBC that it expects more countries to request financial aid to survive the global slowdown. | The head of the International Monetary Fund has told the BBC that it expects more countries to request financial aid to survive the global slowdown. |
Iceland, Hungary and Ukraine were forced last year to appeal to the organisation for aid. | Iceland, Hungary and Ukraine were forced last year to appeal to the organisation for aid. |
IMF chief Dominique Strauss-Kahn has warned of a second round of nations that will be pushed to the brink of bankruptcy and seek IMF cash. | IMF chief Dominique Strauss-Kahn has warned of a second round of nations that will be pushed to the brink of bankruptcy and seek IMF cash. |
Mr Strauss-Kahn said that the crisis was "far from over". | Mr Strauss-Kahn said that the crisis was "far from over". |
"There's a real possibility that in the coming weeks or months another couple, or maybe more than that, countries will need some support, especially emerging countries," said Mr Strauss-Kahn. | "There's a real possibility that in the coming weeks or months another couple, or maybe more than that, countries will need some support, especially emerging countries," said Mr Strauss-Kahn. |
He did not specify which countries might ask for help. | He did not specify which countries might ask for help. |
'Early warning' | |
Mr Strauss-Kahn also said that the IMF was among the institutions which gave an "early warning" about the upcoming crisis "two or three years ago". | |
"[But] because when you are a head of a government or a finance minister and the sky is still blue, and you have a guy coming from the outside telling you: 'The sky is blue, but what is going to happen in one year is terrible', you say: 'OK, lets wait for one year'. It's absolutely understandable," he said. | |
Mr Strauss-Kahn said there was a need for stronger multilateral institutions, with more legitimacy. | |
European measures | European measures |
Given the risks facing the Eastern European economies, if Berlin does decide to support them, that will weigh on [Germany's] finances Yuji Saito, Societe Generale | Given the risks facing the Eastern European economies, if Berlin does decide to support them, that will weigh on [Germany's] finances Yuji Saito, Societe Generale |
Many Eastern European countries have been in trouble in recent months amid the global financial and economic crisis, as their economies plummeted from boom to bust. | Many Eastern European countries have been in trouble in recent months amid the global financial and economic crisis, as their economies plummeted from boom to bust. |
German Chancellor Angela Merkel will meet EU Commission President Jose Manuel Barroso amid speculations that Germany may announce measures to help some other European economies. | German Chancellor Angela Merkel will meet EU Commission President Jose Manuel Barroso amid speculations that Germany may announce measures to help some other European economies. |
"I think Merkel will announce something positive, which may be a factor to support the euro," said Societe Generale chief forex strategist Yuji Saito. | "I think Merkel will announce something positive, which may be a factor to support the euro," said Societe Generale chief forex strategist Yuji Saito. |
"However, given the risks facing the Eastern European economies, if Berlin does decide to support them, that will weigh on [Germany's] finances. There is no silver bullet." | "However, given the risks facing the Eastern European economies, if Berlin does decide to support them, that will weigh on [Germany's] finances. There is no silver bullet." |