IMF Urges US Debt Ceiling Increase to Avoid ‘Severe Shock’

Wednesday, 29 Jun 2011 11:28 AM

The International Monetary Fund said today global markets will suffer if the U.S. Congress fails to approve an increase in the $14.3 trillion debt ceiling and cautioned about the risk of a downgrade in the country’s credit rating.

“The federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets,â€