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IMF's grim warning

THE head of the IMF has said that Europe remains in a "troubling" situation. Dominique Strauss-Kahn said the effects of the global financial turmoil "are far from over".

"The situation in Europe remains troubling, and the future is more uncertain than ever," he said.

The IMF welcomed the approval of Ireland's 2011 Budget.

"This is a clear sign of Ireland's strong commitment to tackle its problems and harness the impressive growth potential of this open and dynamic economy," an IMF spokesman said.

In his speech in Geneva, the IMF chief called for stronger economic and financial oversight, noting that without proper supervision "disaster could be just around the corner".