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.
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.
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