IMF: Global recession can be averted

2009 bottom seen for U.S. housing

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The International Monetary Fund projects a global recession can still be averted if financial markets stabilize and U.S. housing markets bottom out in 2009.

The financial crisis that began in U.S. housing markets has the world teetering on "the cusp of a global recession," according to a top IMF official at the International Monetary Fund.