Smart Brief: IMF report says turmoil to hit U.S. harder than Europe

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IMF report says turmoil to hit U.S. harder than Europe

The International Monetary Fund anticipates a "sharp downturn in the U.S." while the eurozone faces nothing worse than an economic slowdown. The author of the IMF report making that prediction, Charles Collyns, said the size of the U.S. banking crisis will double or triple the severity of decline in the country. "When the banking system suffers major damage, as in the current episode, the likelihood of a severe and protracted downturn in activity increases," he said.