Only a lost decade? We should be happy if we're out of this hole by 2018.
Christine Lagarde told a financial forum in Beijing that European plans to bolster a rescue package for Greece were a "step in the right direction", but that the outlook for the world economy remained dangerous and uncertain.
"There are clearly clouds on the horizon," Lagarde said. "Clouds on the horizon particularly in the advanced economies and particularly so in the European Union and the United States."
"Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand... we could run the risk of what some commentators are already calling the lost decade."
