Salient to Investors:

The IMF said:

  • Euro area countries should be prepared to lose some degree of control over their budget, pool resources to set up an insurance program and do common borrowing.
  • The 17 euro-nations need to toughen rules enforcing fiscal discipline and set up fund transfers before crises develop.
  • The first step to dealing with country-level fiscal problems must be larger national fiscal buffers.
  • The most urgent task is to set up a backstop for banks.

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