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Lagarde: Lower growth, euro to survive

Friday 6 January 2012 - by

Christine Lagarde - photo by IMF
The euro currency is likely to survive the next year despite the ongoing sovereign debt crisis, IMF managing director Christine Lagarde has said.

Speaking in South Africa, Lagarde said that the euro currency is unlikely to "vanish or disappear" in 2012, despite sovereign funding stresses and concerns over the strength of the banking system.

"Will 2012 be the end of the euro? I seriously don't think so. It is a young currency, it is a solid one as well," she said on Friday, according to Reuters.

However Lagarde admitted that the 4 per cent forecast for global growth in 2012, predicted by the IMF in September 2011, will be revised down.

The new figures will be unveiled on either 25 or 26 January, she said.

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