IMF wants global action, warns of risk of meltdown

The International Monetary Fund (IMF) has urged policymakers around the world to step up efforts to tackle the rapid deterioration of the global financial system.

In its latest Global Financial Stability Report, the Fund said that global financial outlook had worsened considerably since the spring and now threatened to severely impact the real economy.

Dominique Strauss-Kahn, the managing director of the IMF, said that the report "shows how serious a crisis we face."

"The time for a piecemeal

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