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US urged to raise Debt Ceiling to avoid Severe Shocks to World Markets

The IMF warned that failure to by the US to act, could have a detrimental ripple affect across the world.

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The United States needs to raise its debt ceiling, for the sake of global stability, the International Monetary Fund, said on Monday.





In its review of the country’s economic prospects, the IMF warned that failure to by the US to act, could have a detrimental ripple affect across the world. Politicians in the US have been trying to hammer out a deal on the debt while cutting spending.





Gian-Maria Milesi-Ferretti, the Assistant Director of the IMF’s Western Hemisphere Department, says that there is need to have a financial system in the US that is resilient to shocks.





//Cue in: this is crucial…





Cue out: …shocks across boarders.//



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