Zoellick says 'world is in a danger zone'

World Bank president Robert Zoellick said today that advanced countries needed to act quickly.

 

  

 

Robert Zoellick says US and euro zone need to act fast

World Bank president Robert Zoellick said today that advanced countries needed to act quickly to resolve their crises before they ravage the rest of the global economy.

"Europe, Japan, and the US must act to address their big economic problems before they become bigger problems for the rest of the world," he said at the opening of the World Bank-International Monetary Fund annual meetings.

"Not to do so is irresponsible," he added. "Some developed country officials sound like their woes are just their business. Not so," Zoellick said as he warned poorer countries of the fallout that could come from the advanced economy crises.

He said he still believed that a return to recession in the US, Europe and Japan is "unlikely." "But my confidence in that belief is being eroded daily by the steady drip of dificult economic news."

"The world is in a danger zone," Zoellick said. "In 2008 many people said they did not see the turbulence coming. Leaders have no such excuse now," he added.

EU won't permit 'uncontrolled' Greek default - Rehn

The European Union will not permit any disorderly default by Greece that could break down the euro zone, European Commissioner for Economic and Monetary Affairs Olli Rehn said today.

"It is important to underline that the European Union is not going to abandon Greece. An uncontrolled default or exit of Greece from the euro zone would cause enormous economic and social damage," Rehn said in Washington.

 

source

rte.ie