IMF activates emergency funding mechanism

Its first mission has been sent to Iceland to help the country deal with a financial crisis so large the entire nation is threatened with bankruptcy. The IMF last used its emergency finance mechanism during the Asian financial crisis of 1997. Dominique Strauss-Khan, head of the IMF, says the world is on the edge of recession, but the global economy can still recover if the right action is taken. Strauss-Khan says it is vital countries work together to solve the crisis, and criticised isolated moves by some countries. The emergency funding plan will allow any country that needs addit...