No country is immune from an “escalating” euro zone crisis and each one must act to head off the risk of a global depression, the head of the International Monetary Fund said on Thursday.
IMF Managing Director Christine Lagarde, speaking at the US State Department, said the outlook for the world economy is “quite gloomy” and warned that failure to act collectively could lead to protectionism and isolation reminiscent of the 1930s depression.
http://www.ft.lk/2011/12/17/imf-chief-warns-no-country-immune-from-crisi