Excellent Hair Fall Treatment
Search: Look for:   Last 1 Month   Last 6 Months   All time
Home :: World

Euro on brink of collapse: IMF

United Kingdom,Business/Economy, Wed, 18 Apr 2012 IANS

London, April 18 (IANS) The crisis-hit euro is teetering on the brink of collapse, the International Monetary Fund (IMF) has said.

 

In a significant vote of no-confidence, Tuesday's report from the global financial organisation admitted the troubled European single currency had "flaws" and was at risk of a "disorderly default and exit by a euro area member".

 

And it warned that a euro meltdown could be even more devastating for the world economy than the 2008 credit crunch, the express.co.uk reported.

 

The admission in the World Economic Outlook from the IMF came amid renewed fears that Spain could soon follow Greece, Portugal and Ireland in accepting a multi-billion pound international bail-out.

 

The report warned: "The potential consequences of a disorderly default and exit by a euro area member are unpredictable and thus not possible to map into a specific scenario.

 

"If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with a full-blown panic in financial markets and depositor flight from several banking systems." It added: "Under these circumstances, a break-up of the euro area could not be ruled out.

 


LATEST IMAGES
King of Bhutan, the Bhutan Queen and Crown Prince meeting the PM Modi
PM Narendra Modi welcomes the King of Bhutan
PM Modi paying tributes at the portrait of Sardar Vallabhbhai Patel
People take part in the Run For Unity on the Rashtriya Ekta Diwas
PM Modi flagging off the Run For Unity on the Rashtriya Ekta Diwas
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image
 
 

Comments:


 

OTHER TOP STORIES


Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.