[Pen-l] IMF has good news for Wall Street -- not!

["Jim Devine" <jdevine03@xxxxxxxxx>]

Worst of Crisis Ahead, More Banks May Hit Trouble: IMF

By Reuters | 17 Sep 2008 | 05:49 AM ET

The worst of the financial crisis may still lie ahead and more major
financial institutions may face trouble in coming months, IMF director
general Dominique Strauss-Kahn said on Wednesday.

The crisis risks weighing on the world economy, he said, though both
developing and developed countries were showing signs of resilience,
Strauss-Kahn told reporters after a meeting with Gulf Arab finance
ministers and central bank governors.

"It is a very serious financial crisis," he said. "The consequences
for some financial institutions are still in front of us. We have to
expect that there may be in the coming weeks and coming months other
financial institutions with some problems," he said.

Strauss-Kahn spoke the day after U.S. authorities engineered an $85
billion rescue American International Group , staving off bankruptcy
for the insurance giant and bringing a measure of calm to
shell-shocked global markets.

"What we are experiencing these days is an increase in the downside
risk and uncertainty, but we still believe that the world economy will
recover in 2009," Strauss-Kahn said. "What is important to see is that
it has an influence on the real economy but that the real economy is
very resilient both in developed and emerging countries." ...

[of course, he _has_ to say that.]

Copyright 2008 Reuters. Click for restrictions.


-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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