The IMF and the adjustment of global imbalances

In the United States the current account deficit widened to 6.5% of GDP in 2005 and is expected to approach 7 per cent of GDP in 2006. On present policies the US current account deficit would approach 10 per cent of GDP in five years, and consequently US debt would rise to 60 percent of GDP by 2010, and to more than 100 percent by 2015 ................
................