IMF Says Clean Up Banks To Tackle Dire World Crisis -- Reuters* Economic crisis dire, risk of unrest and war - IMF
* Recovery depends on cleaning up bank balance sheets
GENEVA, March 23 (Reuters) - The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up, the head of the International Monetary Fund said on Monday.
The crisis will push millions into poverty and unemployment, risking social unrest and even war, and urgent action is required, IMF Managing Director Dominique Strauss-Kahn said.
"Bluntly the situation is dire," he told a meeting on the crisis at the International Labour Organisation, a United Nations agency representing unions, employers and governments that studies labour issues.
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My Comment: Economic and financial crisis have always disrupted societies and governments .... a prelude to any conflict and war. While I do not see a "big war" in the horizon, it is not too far fetch to imagine smaller conflicts erupting and proliferating in many underdeveloped countries.
The IMF concerns are legitimate.