Crisis worst shock since Great Depression: IMF

The International Monetary Fund (IMF) warned that the US subprime fallout has precipitated the largest financial crisis since the Great Depression and that there is a 25% chance that it will cause a full-blown global recession.

In its twice-yearly World Economic Outlook, the IMF said that governments might have to intervene with further public bail-outs of troubled banks and homeowners in difficulty. The report was published as G7 finance ministers and central bankers arrived in Washington to

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