This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7333948.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
'Help needed' for credit crunch 'Help needed' for credit crunch
(30 minutes later)
Tackling the credit crunch requires government intervention at a global level, the head of the International Monetary Fund (IMF) has said.Tackling the credit crunch requires government intervention at a global level, the head of the International Monetary Fund (IMF) has said.
The need for public intervention was "becoming more evident", Dominique Strauss-Khan told the Financial Times. The need for public intervention was "becoming more evident", Dominique Strauss-Kahn told the Financial Times.
Authorities have pumped liquidity into markets but, besides bailing out banks such as Northern Rock, have not intervened in financial systems.Authorities have pumped liquidity into markets but, besides bailing out banks such as Northern Rock, have not intervened in financial systems.
The securities market and housing sector could get more support, he said.The securities market and housing sector could get more support, he said.
This, along with more intervention in the banking sector, would offer a "third line of defence", Mr Strauss-Khan told the newspaper. This, along with more intervention in the banking sector, would offer a "third line of defence", Mr Strauss-Kahn told the newspaper.
The comments come ahead of a gathering of world financial leaders at the IMF's spring meeting in Washington DC.The comments come ahead of a gathering of world financial leaders at the IMF's spring meeting in Washington DC.
Justin Urquhart Stewart of Seven Investment Management said the move proposed by the IMF would need more co-ordinated and effective work between governments.Justin Urquhart Stewart of Seven Investment Management said the move proposed by the IMF would need more co-ordinated and effective work between governments.
"We've gone from the idea of the banks just providing access to extra cash, to intervening on odd occasions, then to the final line when were actually saying we're going to have to stand behind this and formally intervene overall in the market to support it," he told the BBC."We've gone from the idea of the banks just providing access to extra cash, to intervening on odd occasions, then to the final line when were actually saying we're going to have to stand behind this and formally intervene overall in the market to support it," he told the BBC.
"Rather than just waiting for individual banks to go wrong the weaker banks will need further help, and it's going to be more than just access to liquidity.""Rather than just waiting for individual banks to go wrong the weaker banks will need further help, and it's going to be more than just access to liquidity."