Oraganization for Economic Cooperation and Development issues dire warning

Oraganization for Economic Cooperation and Development issues dire warning
Monday, November 28, 2011 - 9:42am

The Organization for Economic Cooperation and Development issued a dire warning monday. The group's top economist said that policy makers around the world must take, quote "swift and decisive action" in order to avoid an economic worst case scenario. The OECD said in its latest economic outlook that continued failure by European Union leaders to stem the debt crisis that has spread from Greece to much bigger Italy could trigger further economic disruption and have devastating outcomes.

The OECD's Chief Economist Carlo Padoan maintains that the situation in the Euro area is rapidly deteriorating and contagion is spreading. Policy when it comes to mounting debt and large deficits continues to be behind the curve, not only in the Euro area, but also in the United States.

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