THE International Monerary Fund managing director, Dominique Strauss-Kahn, told European finance ministers that the global financial system had undergone unprecedented turmoil in the last few months, and the situation had worsened considerably since spring.
In a meeting in Luxembourg, he noted that the United States remained the epicentre of the financial crisis, with its housing market continuing to decline and a wider economic slowdown contributing to a further deterioration in the quality of existing loans.
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