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EU, US crises threaten developing world

WASHINGTON, Sept 22 – World Bank president Robert Zoellick said Thursday that advanced countries needed to act quickly to resolve their crises before they ravage the rest of the global economy.

“Europe, Japan, and the United States must act to address their big economic problems before they become bigger problems for the rest of the world,” he said at the opening of the World Bank-International Monetary Fund annual meetings.

“Not to do so is irresponsible,” he added.

“Some developed country officials sound like their woes are just their business. Not so,” Zoellick said as he warned poorer countries of the fallout that could come from the advanced economy crises.

He said he still believed that a return to recession in the US, Europe and Japan is “unlikely.”

“But my confidence in that belief is being eroded daily by the steady drip of dificult economic news.”

“The world is in a danger zone,” Zoellick said.

“In 2008 many people said they did not see the turbulence coming. Leaders have no such excuse now.”

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