July 26 - IMF Chief Christine Lagarde said the U.S. must get past its political differences and reach a deal or the consequences will be felt well past its borders. Bobbi Rebell reports.
PLEASE NOTE EDIT CONTAINS 4:3 MATERIAL IMF chief Christine Lagarde, speaking at the Council on Foreign Relations, urged the U.S. to get past the political stalemate on the debt ceiling issue- for the sake of the world. SOUNDBITE: CHRISTINE LAGARDE, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND (ENGLISH) SAYING: "There has to be sufficient plans in order to address the issue of sovereign debt, of the debt ceiling, because frankly to have a default or to have you know a significant downgrading of the United States signature would be a very, very, very serious event. Not for the United States alone but for the global economy at large because the consequences would be far reaching. " She also made it clear that a deal for helping Greece was only as strong as its execution: SOUNDBITE: CHRISTINE LAGARDE, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND (ENGLISH) SAYING: "What from an IMF point of view remains to be done is clearly implementation and its implementation on the part of those countries directly concerned on program; that is clearly the case for Greece and that was clearly lacking in the last few months but it's also a matter of the government themselves to actually deliver on the plan that they have signed up to on Thursday and that obviously remains to be seen. " Lagarde also said the IMF may need additional resources in the "not too distant future" to help countries in financial need. Bobbi Rebell. Reuters.