As the eurozone debt crisis deepened Wednesday, with growing concerns surrounding Italy, the head of the International Monetary Fund painted a stark picture of the challenges facing the world's economic stability.
"The global economy has entered a dangerous and uncertain phase," Christine Lagarde said in remarks prepared for a speech at the International Finance Forum in Beijing.
"If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability and a collapse in global demand. Ultimately, we could face a lost decade of low growth and high unemployment," she said.
Although she made no specific mention of Italy in the prepared remarks, Lagarde spoke as even more bad news came from Rome.FULL STORY