IMF contests complacency over euro

Report of an interview with John Lipsky, the deputy managing director and the leading US official at the International Monetary Fund, January 2011. He challenged the air of complacency over the eurozone at the World Economic Forum, saying that that the loans to Greece and Ireland from the EU and IMF had 'no guarantee of success' and that restructuring of debt would not be without cost.

His words of caution on the likely resolution of the eurozone sovereign debt crisis contrasted with displays of confidence from European leaders and bankers in Davos.