World Bank's Zoellick: World economy in new danger zone
(Reuters) - The head of the World Bank said the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.
"Unless Europe, Japan, and the United states can also face up to responsibilities they will drag down not only themselves but the global economy," World Bank President Robert Zoellick said in a speech at George Washington University.
"They have procrastinated for too long on taking the difficult decisions, narrowing what choices are now left to a painful few," he said, according to a prepared text of his remarks, which come ahead of meetings of the World Bank and International Monetary Fund next week.
The meetings of global finance and development leaders in Washington will focus on Europe's debt crisis and the risk of a Greek default, which has led to growing alarm in financial markets.
Source; http://www.reuters.com
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