IMF predicts no end in sight to credit crisis

The International Monetary Fund says there’s no end in sight to the credit crisis gripping world financial markets.

As Australia’s NAB and ANZ have already discovered, the IMF believes banks are in for more pain as mortgage defaults soar and economies slow. The IMF has a particularly gloomy assessment of the US economy, and it came on the same day as the Bush administration revealed America’s budget deficit will climb to a record high of more than half-a-TRILLION dollars.

Speaker: Michael Rowland
Speakers: Jaime Caruana, head of the IMF’s capital markets division; Doug Peta, a market strategist with J and W Seligman; Jim Nussle, White House budget director

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Updated Tue Jul 29, 2008

Source: Radio Australia

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