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IMF urges bold changes in Europe

The International Monetary Fund has pulled in billions of dollars in new reserves to help battle Europe’s lingering debt crisis.

But the global lending organization must now press European governments to carry out bold changes to reassure nervous financial markets and avert sending the crisis into a more dangerous phase.

U.S. Treasury Secretary Timothy Geithner says Europe should be more aggressive in fighting its debt crisis, using all financial resources at its disposal, including the European Central Bank.

After a weekend of meetings, IMF outlined a series of reforms needed to restore fiscal health in the 17countries that use the euro.

The weekend’s major accomplishment was the pledge of at least $430 billion from individual countries to nearly double IMF’s reserves available for loans to almost $1 trillion.