IMF and immediate action - Its getting serious!

IMF warns rich countries on debt

By Alan Beattie, International Economy Editor

Published: May 14 2010 15:56 Last updated: May 14 2010 15:56

The world’s rich economies are continuing to pile up public debt despite the recovery in the global economy, according to the International Monetary Fund.

In a regular report on public finances released on Friday, the fund also suggested steep increases in value-added taxes and excise duties as a way to plug the deficits.

http://www.ft.com/cms/s/0/7d20d030-5f5d-11df-978c-00144feab49a.html