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U.S. markets recover from steep losses
TOKYO, Nov. 12 (UPI) -- International Monetary Fund Director Christine Lagarde said it would take a "sustained" effort to keep debt contagion in Europe from spreading.
"It's going to be a matter of steady solid, sustained implementation of measures, which are sometimes difficult," Lagarde said in a news conference during a visit to Japan.
If the Italian government implements budget reform measures and the agreements between European heads of state negotiated in late October are carried out, "then clearly the situation will be clarified and should be improved significantly," Lagarde said.
The agreements in late October included an additional $180 billion bailout loan for Greece and expansion of the European Financial Stability Facility to $1.4 trillion.
In Tokyo, Lagarde said the eurozone debt crisis could affect the economies in Asia if it got much worse. The global economy would develop a "downward spiral," she said, if world leaders did not coordinate their financial and economic interventions.
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