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World Powers Vow Decisive Action On Financial Crisis

IMF Managing Director Christine Lagarde says IMF ready to take further action to tackle financial crisis.
Global financial leaders have vowed to take collective, decisive action to tackle Europe's financial crisis and stop it from spreading at a meeting of the International Monetary Fund in Washington.

World stock markets dropped last week amid fresh fears the Greek debt crisis could spread to other euro zone countries, rippling through the rest of the global economy.

The head of the IMF Christine Lagarde said the 17 countries in the eurozone needed to fulfill a July pledge to put more money into its bailout fund.

U.S. Treasury Secretary Timothy Geithner said the clock was ticking to avoid domino-style defaults in Europe.

China's central bank governor Zhou Xiaochuan urged quick action to bring greater financial stability to Europe.

Russia's Finance Minister Alexei Kudrin said saving Greece from a default would be better for the euro zone countries and ease the threat of similar developments in Spain and Italy.

The European Union's top economic official, Olli Rehn, said as soon as the region's governments confirm new powers for their 440-billion-euro fund attention will turn to how to get more impact from the existing money.

The United States and other nations have urged Europe to leverage up the fund, possibly with support from the European Central Bank.

compiled from agency reports

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