November 9th, 2011
10:43 AM ET

Italy crisis could be part of 'lost decade'

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.

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Filed under: Economy • Italy • World
soundoff (6 Responses)
  1. Bimbo the Birthday Clown

    Of course this is the lost decade because those idiots in both Washington and the European capitols are so adamant on spending needlessly on their military forces while cutting back on everything else. For example, the Greek leaders are fully prepared to cut all their spending programs except for their military as an agree with the French and the Germans to get a $130B bailout and this will just go on and on!!!

    November 9, 2011 at 10:53 am | Report abuse |
  2. George Patton

    Fake Bimbo, I wish YOU'D get lost for a decade.

    November 9, 2011 at 11:17 am | Report abuse |
    • George Patton

      Sorry Bimbo, I didn't post the above. Your comment about the lost decade is right on the money, however. The problem lies with the corrupt leaders in both Washington and Europe and as long as they cling to power, these economies will only deteriorate further!

      November 9, 2011 at 11:29 am | Report abuse |
  3. George Patton

    I most cetainly did post the above! As the true george Patton here, I am getting sick of you left-wingers posting your blah blah here everyday! CNN needs to look into this matter ASAP!!! It goes on and on!!!

    November 9, 2011 at 11:40 am | Report abuse |
    • Gary Johndro

      I'm with you, YABBA-DABBA-DOO!!! We can't all these left-wingers here posting their stuff on this web site. Some people might wise up after reading their posts. They make too much sense!!! Like you say, the people need to be kept ignorant at all costs!!!!!!

      November 9, 2011 at 4:18 pm | Report abuse |
  4. MG

    Is it true that Sandusky was still working out at the Penn State campus facilities as recently as last week? I read that and I find it hard to believe...what were these people thinking???? I agree all of the Penn State higher ups should go...why isn't there more media coverage on the victims, Sandusky, Spanier....too much focus on Joe P.

    November 9, 2011 at 11:51 am | Report abuse |