From the BBC:

IMF in global 'meltdown' warning

Strauss-Kahn said rich nations had so far failed to restore confidence The world financial system is teetering on the "brink of systemic meltdown", the head of the International Monetary Fund (IMF) has warned in Washington. Dominique Strauss-Kahn said rich nations had so far failed to restore confidence, but he endorsed a new action plan by the G7 group. He also said the IMF was ready to lend to countries in dire need of capital.