IMF's Lagarde says Dark Clouds hover over outlook *PIC*

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IMF's Lagarde says dark clouds hover over outlook (by Greg Robb)

WASHINGTON (MarketWatch) - "Dark clouds" have gathered over a "timid" global economic recovery, said IMF Managing Director Christine Lagarde on Thursday. "There is a fragile situation with still high risks," Lagarde said at a press conference at the start of the IMF/World Bank spring meetings. Europe remains the "epicenter" of the downside risks and officials in the region have to "keep up" the pace of reform. Lagarde defended the euro zone's recent reforms, saying the region has clearly improved its firewall. Lagarde said on Wednesday night that the IMF had raised $320 billion so far to boost IMF resources. "We have others in the pipeline," Lagarde said. China's move to widen the yuan trading band was not a baby step, but hopefully more steps will follow, Lagarde said.

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