US faces deep, prolonged recession
THE US could face a deep, prolonged recession from the current financial turmoil, with the eurozone less at risk, the International Monetary Fund said in a report overnight.
The US is likely headed for a deep recession, the International Monetary Fund warned yesterday in a report in which it notes that the current banking crisis is the type that's most likely to lead to such a downturn, and suggesting Washington's proposed bailout of the banking system is the right course of action.