Lagarde sounds dire warnings about recessionary risks

After a meeting with US Secretary of State Hillary Clinton, the head of the International Monetary Fund issued a stern warning about the health of the global economy.

“There is no economy in the world, whether low-income countries, emerging  markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating,” said Christine Lagarde.

Yet, while Lagarde agrued that the debt crisis would require action by all countries across the globe, the Financial Times reports that relations between France and Britain has descended into back-and-forth sniping between officials.