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IMF new chief warns of "real consequences" for US and global economies
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The International Monetary Fund's new chief says there would be "real consequences" for the US and global economies if the US fails to raise its borrowing limit.


Christine Lagarde says that if the White House fails to secure a deal with the congress, interest rates would rise and stock markets would fall threatening a major mission of the IMF of preserving stability in the world economy.


She said, "Well, if you draw the entire scenario of a default, yes of course you have all of that - interest hikes, stock markets taking a huge hit and real nasty consequences, not just for the United States but for the entire global economy, because the US is such a big player and matters so much for other countries."

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