1. Wide of
Dominique Strauss-Kahn, head of the
International Monetary Fund (
IMF)
2.
Cutaway of reporters and cameras
3. SOUNDBITE: (
English) Dominique Strauss-Kahn,
Managing Director, International Monetary Fund:
"The need for recapitalisation, as I told you the IMF has insisted a lot for months on this, is now I think well understood on both sides of the
Atlantic. Cooperation is less evident but for interest rates. So, I urge
European countries to work together. There is no domestic solution to a crisis like this one. I know, having myself served as a
Minister of Finance of my country, how difficult it is in the
European Union to make consensus and to make decisions. I do not underestimate the problems.
Nevertheless, cooperation and coordination in actions is the price of success. All kinds of cooperation have to be commended. All lonely acts have to be avoided, if not condemned and that is IMF message for this morning, number one."
4. Cutaway Strauss-Kahn
5. SOUNDBITE: (English) Dominique Strauss-Kahn, Managing Director, International Monetary Fund:
"As you know, our view is that growth will be close to zero next year in advanced economies and about 3 percent in the global economy. So we are on the cusp of a global recession."
6. Cutaway reporters
7. SOUNDBITE: (English) Dominique Strauss-Kahn, Managing Director, International Monetary Fund:
"The severe downturn in the world economy is obvious for everybody, I think. But I want to say is that, even if we see year 2009 around zero for advanced economies and 3 percent, as I just said, for the global economy, we see the beginning of the recovery in the second part of 2009. So, it is a message of hope, and that is probably the message no. 2 of the IMF today that the crisis is serious, the crisis is protracted; but nevertheless, we see that the end of 2009 will be the beginning of the recovery, slow recovery. It will not go fast, but growth will come back, in our view at this time."
8. Wide shot
World Bank President Robert Zoellick walking in
++
AUDIO AS INCOMING++
9. SOUNDBITE: (
English) Robert Zoellick,
President,
World Bank:
"In July at the
G8 summit I said that developing countries were facing a double jeopardy, from the impact of high food and fuel prices. But what was then a double jeopardy, is now a triple hit.
Food, fuel and finance, threatening not just to knock the poorest people down, but the whole down. The events of September could be a tipping
point for many developing countries; a drop in exports will trigger a fall off investments, deteriorating financial conditions, combined with monetary tightening will trigger business failures and possibly bank emergencies."
10. Wide of Zoellick
11. SOUNDBITE: (English) Robert Zoellick, President, World Bank:
"Over recent weeks, attention has focused on the size of financial packages and on the impact on
Main Street. There are
Main Streets all over the world; we must look beyond the financial rescue to the human rescue."
12. Wide of
US President George W Bush meeting with
Ivan Gasparovic,
President of Slovakia
13. SOUNDBITE:(
English) George W Bush, US President:
"We talked about a variety of subjects. I assured him that the
United States will take strong action in dealing with the current economic situation.
And I also talked about our common desire to work with our
European friends to develop as best as possible common policy."
14. Pan from cameras to
Bush and
Gasparovic
STORYLINE:
The head of the International Monetary Fund, Dominique Strauss-Kahn, said on Thursday while the global economic crisis is "serious", the IMF anticipates the second part of 2009 as the beginning of the recovery.
On Wednesday, the
European Central Bank, in a rare coordinated act with the
Federal Reserve, cut key interest rates.
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- published: 21 Jul 2015
- views: 7