ON August 10 the International Monetary Fund (IMF) said the financial crisis spreading from the United States would be manageable. “The economic fundamentals can still support a strong growth,” said Masood Ahmed, IMF spokesperson, full of confidence.

Two months later, however, this conviction evaporated. In its World Economic Outlook released Wednesday last week, the IMF has cut all 2008 and 2009 economic growth projections. The US and Euro