Developing Countries Fear Fallout

Global Banking Problems Videos Signs of stress are growing on banking systems in many emerging and developing economies, the head of the International Monetary Fund has said. The IMF met in Washington to discuss the worst economic crisis since the 1930s IMF Managing Director Dominique Strauss-Kahn warned finance and development ministers that the more severe and protracted the financial crisis becomes, the more emerging and developing countries will be affected. Already, stock markets in emerging economies have declined as investors flee riskier assets and businesses find credit harder to come by. The IMF and World Bank meetings in Washington turned to development issues and poverty but worries about the global credit crunch remained front and centre. Many developing countries worry that major economies, preoccupied with the... [read full story]