IMF to US: Resolve debt ceiling 'immediately'

The new managing director of the International Monetary Fund has told the US to resolve its debt ceiling "immediately" or risk "serious spillovers to the rest of the world".

Christine Lagarde praised eurozone leaders for putting together another bailout package for Greece, but stressed they implement the plans quickly or "turbulence could easily resurface". She told the Council on Foreign Relations she was "hopeful" the same political "courage" will soon be followed by bold fiscal action in the US on the debt ceiling. US inaction could harm economies the world over, she said. "The clock is ticking, and clearly the issue needs to be resolved immediately. Indeed, an adverse fiscal shock in the United States could have serious spillovers on the rest of th...