The global economic recovery hopes - Shh, do not talk! - 優仕網部落格


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The global economic recovery hopes
World finance officials ended their meetings in Washington concerned by the possibility of an unprecedented U.S. debt defaultstable vpn.
WASHINGTON — Worries about a possible U.S. debt default cast a pall over weekend meetings of global financial leaders in Washington. But they ended with some hope over signs that the U.S. and European economies are pulling out of long slumpsart supplies storage.
During three days of talks revolving around meetings of the 188-nation International Monetary Fund and its sister lending agencyfabric storage, the World Bank, top officials pressed the U.S. to resolve the political impasse over the debt ceiling. The standoff has blocked approval of legislation to increase the government's borrowing limit before a fast-approaching Thursday deadlineLocal Express.
U.S. Treasury Secretary Jacob Lew has warned that he will exhaust his borrowing authority Thursday and the government will face the prospect of defaulting on its debt unless Congress raises the $16.7 trillion borrowing limit.
"We are now five days away from a very dangerous moment," World Bank President Jim Yong Kim warned at the closing news conference on Saturday. "I urge U.S. policymakers to quickly come to a resolution before they reach the debt ceiling deadline. The closer we get to the deadline, the greater the impact will be for the developing world."
Kim said a default would be a "disastrous event" for poorer countries. It would also be certain to derail the already fragile global economic recovery.
"We know there are problems," Tharman Shanmugaratnam, the head of the IMF's policy-steering committee and Singapore's finance minister, told a news conference at the end of the IMF meeting. "We know there are near-term risks, the most obvious one being what's going on in the U.S. with regard to the fiscal deficitcover for galaxy s3."
Global recovery hopes: Ben Bernanke, chairman of the Federal ReserveAP Photo: Jose Luis Magana
Ben Bernanke, chairman of the Federal Reserve, reads a newspaper before a meeting of the IMFC, during the World Bank and IMF Annual Meetings at IMF headquarters, Saturday, Oct. 12.
But one of the big near-term concerns, the expectation that the U.S. Federal Reserve will start scaling back its massive stimulus program for the economy, is actually pointing to a positive development, Tharman said. It means that the U.S. economy is strong enough to withstand a reduction of the stimulus.
IMF officials have been forecasting that the strengthening U.S. economy will be a main driver of the global economy in the coming year.
At the same time, developing country economies are slowing and their markets have been unsettled since May by anticipation that the Fed will soon begin tapering its $85-billion-a-month bond purchases, which poured cash into the economy to stimulate growth.
"The eventual normalization of monetary policy as economies recover in the West will be a net positive for the emerging economies," Tharman said, meaning that the strength of the major economies will help carry the global economy forward.
Lew told finance ministers that the United States understands the role it plays as "the anchor of the international financial system" and assured them the administration was doing all it could to reach a resolution on the debt.


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