IMF Admits That The West Is Stuck In Near DepressionIf you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time. By Ambrose Evans-Pritchard Published: 8:00PM BST 03 Oct 2010 Spain, trapped in EMU at overvalued exchange rates, had a general strike last week The IMF report – "Will It Hurt? Macroeconomic Effects of Fiscal Consolidation" – implicitly argues that austerity will do more damage than...