IMF warns of financial meltdown as crisis rages
Sat Oct 11, 2008 1:05pm EDT
12:18pm EDTBy Lesley Wroughton and Emily Kaiser
WASHINGTON (Reuters) - The International Monetary Fund warned on Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and rich nations had so far failed to restore confidence.
The United States appealed for patience as world leaders raced to stabilize financial markets and avert the deepest global recession in decades, but the IMF said more steps would be needed in the coming months....
"We're going to do it as we can do it in a proper way that will be effective. Trust me, we're not wasting time, we're working around the clock," Paulson said late on Friday after the G7 meeting broke up.
(Reporting by G7 team; Writing by Emily Kaiser; Editing by Tim Ahmann)
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