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OECD calls on Congress to “stop the rot”

Angel Gurria, secretary general of the Organization for Economic Co-operation and Development, says Congress must “stop the rot” being spread by toxic mortgage assets.

He says that now is not the time to focus on punishing executives but that there must be a plan agreed upon in order to stop the further contamination of Europe’s economy by economic hardship from the US.

He says: “We must take away bad assets. Last week the OECD released a statement saying that we support the logic of the plan. It will allow banks to recapitalise and stop the paralysis of the market.”

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