July 14, 2011
The International Monetary Fund on Thursday called for a "greater sense of urgency" to address the Greek debt crisis and warned Europe it was taking too long to repair its banking system in the face of growing risks of contagion.
In another warning, the IMF said delays in raising the debt ceiling in the United States had increased downside risks for the global economy and urged Washington to immediately increase the $14.3 trillion debt limit.
"The fiscal situation in Greece threatens market disorder that would affect funding rates for other vulnerable sovereigns and could have severe implications for financial institutions," the fund said in a surveillance note for Group of 20 leading economies.
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