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IMF: pace of austerity must depend on economy
220 days ago
(AP:PARIS) International Monetary Fund Managing Director Christine Lagarde says economic conditions must dictate the pace at which countries like Greece and Spain rein in their budget deficits via tax hikes and spending cuts.
Lagarde says the IMF insists that financially weak countries take austerity measures to heal their public finances, but adds that "conditions have changed" _ notably the slowing global economy.
Lagarde says deficit reduction "must take place where possible" and must be "compatible with each country's circumstances."
Some economists argue that austerity measures in countries like Spain and Greece are proving counterproductive by worsening the recessions.
The head of the Washington DC-based IMF spoke to reporters during a stopover in Paris on her way back from the IMF's annual meeting in Tokyo last week.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
