Global Finance Leaders in Washington over World Debt Crisis

By: AP
By: AP

WASHINGTON (AP) -- Global finance officials are pledging to take
bolder moves to confront Europe's debt crisis and keep the world
economy from plunging into another deep recession.

Finance ministers and central bankers are gathered in Washington
this weekend for the International Monetary Fund and World Bank
annual meetings.

The IMF's policy-setting committee says has entered a dangerous new phase and the situation needs to be closely watched and countries need to be willing to act quickly to keep the crisis from spiraling out of control.

Treasury Secretary Timothy Geithner is calling for faster and
bolder action to deal with the European debt crisis.

He says without more decisive moves, there's a risk of domino-style
defaults by European countries.

Geithner says critical decisions cannot wait until the crisis grows more severe.

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