IMF: Mounting debt threatens global recovery

The IMF (International Monetary Fund) stated on Tuesday that the historic levels of government debt in the developed countries can cause another global financial crisis.According to the article, the accumulated levels of debtare debts that have not been seen since World WarII. The IMF's latest Global Financial Stability Report was released Tuesday morning and the report said that in many ways the financial system had stabilized, and that some aspects of the recent crisis had proved less severe than initially thought. Currently the most acute government debt problems are in Greece, whose government is negotiating a rescue plan with the IMF and other European nations but has already had to cut social benefits and raise taxes.