Fix 'fiscal cliff': IMF to US
Spain is considering whether to ask for aid from the euro zone. Promises of help from the EU and the European Central Bank have brought Spain's borrowing costs down from unsustainable levels in the past few months.
The IMF said austerity in the euro zone's periphery countries risks becoming politically and socially untenable because fiscal and economic reforms will take years to complete. Countries like Greece, Portugal and Ireland are implementing IMF-EU supervised austerity packages in return for international aid.
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