IMF: EU Has to ‘Get Its Act Together’

The International Monetary Fund said on Tuesday that Europe needs to “get its act together” on its debt crisis, and the fund called Europe’s economic woes a “major source of worry.” The IMF issued its latest World Economic Outlook report Tuesday, in which the fund cut its 2011 and 2012 global-growth forecast to 4 percent and lowered projections for almost every region in the world. The IMF confirmed Tuesday that rumors that the euro zone will break up are “crazy,” and said the spiraling Greek debt crisis will not cause a sovereign default and result in Greece's exit from the euro zone. Wall Street finished flat Tuesday afternoon, with the news from Europe erasing early gains.