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US bail-out plan only way to save economy: IMF

Staff Reporter 1 minute read

As legislatures continue to debate the US government’s proposed financial sector bail-out, the IMF has backed the plan.

“I welcome the bold steps being taken in the US and look forward to their effective implementation,” IMF managing director Dominique Strauss-Kahn said yesterday.

US stocks fell overnight as the continued debate around the plan increased uncertainty; The Dow Jones Industrial Average fell a further 1.4 per cent.

Mr Strauss-Kahn said it had become clear that “nothing short of a systemic solution” would keep the broader economy functioning with “any semblance of normality”.

The burden of the bail-out on US taxpayers has been a matter of high concern, but Mr Strauss-Kahn said international experience showed that done correctly the government could expect to recover the initial investment.

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The IMF’s approval of the plan follows the G7’s pledge this week to work in assistance with the United States to maintain stability in the financial system.

Published: 24-09-08

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US bail-out plan only way to save economy: IMF
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