Obama’s former economic adviser Goolsbee warns that Greek default will have a big impact on the US while the IMF needs a bailout to bailout Greece. Treas. Sec. Geithner warns “Sovereign and banking stresses in Europe are the most serious risk now confronting the world economy.”

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Geithner Plan for Europe is last chance to avoid global catastrophe?

“The threat of cascading default, bank runs, and catastrophic risk must be taken off the table,” said US Treasury Secretary Tim Geithner over the weekend. – Telegraph

IMF may need billions in extra funding

The head of the IMF has warned that its $384bn (£248bn) war chest designed as an emergency bail-out fund is inadequate to deliver the scale of the support required by troubled states. – Telegraph

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