IMF says Eurozone needs to do more to clean up banking sector; Recovery likely to be slow - - shape and timing highly uncertain
Jun 9th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The IMF, following its consultations with Eurozone officials on Monday, in preparation for its annual assessment of the Eurozone’s economy, said the region still needs to do more to clean up its banking sector, weakened by the global financial crisis. The International Monetary Fund team said the recovery is likely to be slow and its shape and timing highly uncertain. Ongoing deleveraging, corporate restructuring, and rising unemployment will weigh on domestic demand.