IMF says more reforms needed

The head of the International Monetary Fund warned Sunday against complacency about global finance despite improved conditions after the latest Greek debt deal and said the world urgently needs more financial reforms.

BEIJING — The head of the International Monetary Fund warned Sunday against complacency about global finance despite improved conditions after the latest Greek debt deal and said the world urgently needs more financial reforms.

Speaking at a conference in Beijing to an audience of Chinese and foreign officials and business executives, Christine Lagarde said developed countries need to strengthen their financial systems and cope with high debt.

She said developing countries need to improve their defences against external shocks.

“The world economy has stepped back from the brink and we have causes to be a little bit more optimistic,” she said. “But optimism should not give us a sense of comfort and certainly should not lull us into a false sense of security.”

Lagarde said the global economic recovery will be “a marathon, not a sprint.”

She said European leaders need to stay vigilant about debt, focus on “steady, rigorous implementation” of financial measures, and carefully watch the economic situation in Greece.

On Thursday, the IMF approved euro28 billion ($36.56 billion) in funding for crisis-hit Greece over the next four years, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets. Greece is having to enact harsh austerity measures in return for the rescue loans.

The bailout comes as European governments try to slash deficits that ballooned in the aftermath of the financial turmoil of 2008 and this year signed off on a new set of rules that would punish countries that overspend.

Just Posted

Red Deer record store celebrates its last Record Store Day

The Soundhouse, a guitar and record shop in downtown Red Deer, closes its doors next Saturday

WATCH: On 4—20 Day in Red Deer, marijuana users say legal weed a long time coming

Not wanting to wait for the federal government to legalize recreational marijuana,… Continue reading

Former Central Alberta MLA appealing fine for not protecting a list of 20,000 electors

List included names and addresses of voters in Rimbey-Rocky Mountain House-Sundre

Proposed Alberta legislation would protect consumers

Alberta Utilities Commission would be given power to penalize natural gas and electricity providers

Red Deer beginning two major construction projects

Ross Street’s 1935-era water main to be replaced and 67th Street roundabout landscaped

WATCH: Central Alberta bouldering competition

Central Alberta climbers looked to prove they’re the best at a competition… Continue reading

WATCH: Red Deer RCMP and Emergency Services play for Humboldt

Red Deer police officers and firefighters laced up their skates to raise… Continue reading

WATCH: Flooding closes portion of Red Deer’s 43 Street

A portion of 43 Street in Red Deer was closed Saturday morning… Continue reading

After air accidents, survivors grapple with flying again

Hundreds of hands grappling with oxygen masks. Flight attendants warning passengers to… Continue reading

Queen Elizabeth to attend pop concert for 92nd birthday

LONDON — Queen Elizabeth is marking her 92nd birthday with a Saturday… Continue reading

‘Such a great person:’ Funeral being held for assistant coach with Broncos

STRASBOURG, Sask. — Mark Cross was a ferocious competitor when he played… Continue reading

UPDATE: Missing Innisfail woman located

A 54-year-old Innisfail woman, who had not been seen since Wednesday, has… Continue reading

Hellebuyck makes 30 saves, Jets beat Wild in Game 5 to advance to Round 2

WINNIPEG — Bryan Little’s teammates were happy they could deliver something special… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month