IMF says global economy entering dangerous phase

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WASHINGTON (AP) — Top global finance officials are pledging to work decisively and in a coordinated way to deal with a European debt crisis and other dangers confronting the global economy.

The International Monetary Fund’s policy-setting committee says the economy has entered a dangerous new phase. The panel says close watching of the situation and a willingness to take bold actions quickly are crucial.

Officials say they’re encouraged by the willingness of the 17 nations that share the euro currency to do what’s needed to resolve Europe’s debt crisis.

They say the IMF stands ready to strongly support further efforts. The IMF is already providing bailout support to three heavily indebted European countries — Greece, Portugal and Ireland.

The IMF’s statement doesn’t give specifics on how much extra support might be possible.