IMF Chief Confident that Coordinated Measures will Calm Financial Markets
As leaders of the countries using the euro currency announced measures to protect financial institutions and guarantee inter-bank lending, the head of the International Monetary Fund, Dominique Strauss-Kahn, said in Washington Sunday that a coordinated and effective program for combating the financial crisis is now in place. VOA's Barry Wood reports.
IMF chief Dominique Strauss-Kahn (r) and World Bank President Robert Zoellick at IMF headquarters in Washington, 12 Oct 2008 Strauss-Kahn spoke at the conclusion of a meeting of finance ministers from advanced and developing countries. He said the emergency measures announced on Sunday by European leaders in Paris are very positive.
"I'm confident because I think that what has been done these last few days, starting with the G-7 statement on Friday, going on after with the annual meeting of the [International Monetary] Fund and the World Bank, and ended a few hours, or minutes, ago by the meeting of the euro zone is exactly the type of action we have to take," said Dominique Strauss-Kahn.
France, Germany, Italy and other "euro bloc" countries will guarantee inter-bank lending and provide cash to banks that need it. The measures are intended to restore investor confidence and to get credit markets to function properly. On Saturday, Strauss-Kahn warned that the global financial system was on the brink of a melt-down.
According to World Bank President Robert Zoellick, the financial crisis in combination with the rise in food and oil prices that preceded it, have driven 100 million people into poverty this year. On Sunday, Zoellick told reporters that the unprecedented turmoil in financial markets is a particular threat to developing countries.
"This has been a man-made catastrophe," said Robert Zoellick. "The actions and responses to overcome lie in all our hands. We must also insure that as governments and publics turn their attention to matters close to home that they do not step back from their commitments to boost overseas assistance."
The economic crisis, in which many world stock markets have lost some 20 percent of their value in just the last week, seized the attention of finance officials here in Washington at the annual meetings of the World Bank and IMF. They endorsed an action plan for coordinated emergency measures that was unveiled on Friday by European, Japanese and U.S. finance ministers.
Strauss-Kahn spoke at the conclusion of a meeting of finance ministers from advanced and developing countries. He said the emergency measures announced on Sunday by European leaders in Paris are very positive."I'm confident because I think that what has been done these last few days, starting with the G-7 statement on Friday, going on after with the annual meeting of the [International Monetary] Fund and the World Bank, and ended a few hours, or minutes, ago by the meeting of the euro zone is exactly the type of action we have to take," said Dominique Strauss-Kahn.France, Germany, Italy and other "euro bloc" countries will guarantee inter-bank lending and provide cash to banks that need it. The measures are intended to restore investor confidence and to get credit markets to function properly. On Saturday, Strauss-Kahn warned that the global financial system was on the brink of a melt-down.According to World Bank President Robert Zoellick, the financial crisis in combination with the rise in food and oil prices that preceded it, have driven 100 million people into poverty this year. On Sunday, Zoellick told reporters that the unprecedented turmoil in financial markets is a particular threat to developing countries."This has been a man-made catastrophe," said Robert Zoellick. "The actions and responses to overcome lie in all our hands. We must also insure that as governments and publics turn their attention to matters close to home that they do not step back from their commitments to boost overseas assistance."The economic crisis, in which many world stock markets have lost some 20 percent of their value in just the last week, seized the attention of finance officials here in Washington at the annual meetings of the World Bank and IMF. They endorsed an action plan for coordinated emergency measures that was unveiled on Friday by European, Japanese and U.S. finance ministers.
Dominique Strauss-Kahn


Al paso que los líderes de la Eurozona anunciaron medidas para proteger las instituciones financieras y garantizar préstamos interbancarios, el titular del Fondo Monetario Internacional (FMI), Dominique Strauss-Kahn, dijo el domingo que un programa coordinada y efectivo para combatir la crisis financiera está teniendo lugar, y que las medidas tomadas en París son muy positivas.

"Estoy seguro porque creo que lo que ha sido hecho estos últimos días, comenzado desde la declaración de G7 el viernes, luego con la reunión anual del Fondo Monetario Internacional y del Banco Mundial, y terminado hace pocas horas, la reunión de la Eurozona, es exactamente el tipo de acciones que deben ser tomadas", dijo el director del organismo económico.

Francia, Alemania, Italia y otros países de la denominada Eurozona –es decir, que utilizan el euro como divisa– garantizarán los préstamos interbancarios y apoyará entidades para prevenir su quiebra, incluso mediante recapitalizaciones. Estas medidas tienen como objetivo restaurar la confianza de los inversores y que los mercados crediticios funciones apropiadamente.

El sábado, Strauss-Kahn había dicho que el sistema financiera global corría peligro de colapsar.Pero "espero que dentro de algunas semanas hayamos ya dejado atrás el pico de esta crisis", formuló.

Robert Zoellick: Debemos "ir por delante, no por detrás" de la crisis.

Según el presidente del Banco Mundial (BM), Robert Zoellick, la crisis financiera combinada con el aumento de los precios de los alimentos y del petróleo que la precedieron, han causado que 100 millones de personas cayeran bajo la línea de pobreza. El domingo, Zoellick comentó a reporteros que el huracán financiero es una gran amenaza a los países en desarrollo.

"Esta ha sido una catástrofe hecha por el hombre", había señalado. "Las acciones y respuestas para superarla yacen en nuestras manos. También debemos asegurar que, mientras los gobiernos y públicos prestan atención a los problemas domésticos, no retrocedan en sus compromisos de estimular la asistencia al extranjero".

El presidente del Banco Mundial tampoco descartó la creación de un fondo para ser empleado en países en vías de desarrollo que sean afectados por la crisis financiera global. Este fondo estaría diseñado para que no ayude "necesariamente a los grandes bancos de los países en desarrollo, sino a los pequeños y medianos que puedan tener dificultades", y trata de "anticiparse" al contagio de la crisis en los países subdesarollados, es decir "ir por delante, no por detrás" de la crisis.

"Los grupos más pobres y más vulnerables corren el riesgo de sufrir los peores, y en algunos casos permanentes, daños", reveló.

La crisis económica, que ha causado que los índices de varias bolsas haya caído cerca del 20% de su valor tan solo la semana pasada, fue el eje principal en las cumbres de otoño del FMI y del BM