Ms. Lagarde also threw cold water on claims by some GOP lawmakers that Thursday’s deadline to raise the debt limit is not consequential, since it might not lead to automatic default on the country’s debts.
She said “creative accounting is not the solution, and markets know that.”
Shorter Lagarde: I am in big trouble, the Euro banks are having a hard time repaying their cheap loans, the emerging market is being disrupted by currency wars; and I thought the American middle class had deeper pockets.
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