News release: “With financial markets worldwide facing growing turmoil, internationally coherent and decisive policy measures are required to restore confidence in the global financial system, the International Monetary Fund (IMF) says in a new report. “Failure to do so could usher in a period in which the ongoing deleveraging process becomes increasingly disorderly and costly for the real economy,” it said in its Global Financial Stability Report (GFSR), released on October 7. Financial institutions have been shedding bad assets, reducing borrowing and seeking new capital, but strains on the system intensified dramatically in mid-September following the collapse or near-collapse of several key institutions.”