The International Monetary Fund has warned that the world financial system stands on the "brink of systemic meltdown", despite international efforts to bring the crisis to an end.
Dominique Strauss-Kahn, the IMF's managing director, made the comments after talks with US President George W Bush and other leading finance minister in Washington as they tried to find a solution to the global financial turmoil, which has seen stock markets around the world plunge on fears of recession.
He said: "Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown."
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3181004/IMF-warns-of-world-financial-system-meltdown---Financial-crisis.html