Lagarde wants real fix as Greece slumps further

Nov 14, 2012, 8:02 AM EST
International Monetary Fund (IMF) Managing Director Christine Lagarde (R) speaks asMalaysia's central bank governor Zeti Aziz listens, during a news conference in Kuala Lumpur November 14, 2012. Lagarde said Wednesday that Greece needs a lasting solution to its debt burden to avoid a prolonged crisis as Europe's slowdown and U.S. fiscal problems dampen the economic outlook in Asia.
REUTERS/Bazuki Muhammad

International Monetary Fund managing director Christine Lagarde says she want a "real fix" for Greece's debt problems, not a "quick fix". By maintaining that the country puts its debt on a sustainable patch as quickly as possible, Lagarde showed no signs of backing down in the Fund's clash with the EU over how Athens can bring its debt down to a sustainable level. Greece's economic slump deepened in the third quarter, with output shrinking 7.2% on an annual basis as the country headed into its sixth year of depression as austerity measures kick in.