And it's also producing a growth in debt to the United States that will weight very heavily in a country that has to address issues like having more old people to be covered by Social Security or by pension in the future.

What we have achieved is a good example of how the right policies deliver.

The fund finds a country that has so much public deficit and public debt that doesn't get credit in the market. So it's not that this program against poverty or that program to construct a road are unfunded, it's that the whole budget is unfunded. So we'll have to fund the budget.

Most cases, I would say, in a huge amount of cases, countries that have worked with us and have used our financial facilities have come out quick... more quickly and in a better shape from a crisis than would have come out otherwise.

I don't think it's a traumatic situation, but I do think a change in policy is needed to avoid getting into a traumatic situation.

So the American economy needs the world, and the world needs the American economy.

I don't know what social model they are defending by stopping people doing more.

We are not talking about working conditions in Africa, we are talking about a working week of 48 hours. I have many friends who work more than that.

There is not an alternative to the US as the engine for growth.