The US and EU's moves to curb the financial crisis have so far failed to achieve the goal of stabilizing markets and creating confidence, the IMF chief says. "The world financial system is on the verge of downturn and further measures will likely be needed to overcome the crunch to prevent it from spreading", International Monetary Fund head Dominique Strauss-Kahn warned on Saturday at the IMF's annual meeting in Washington.
He said that a crisis response is necessary to prevent the spreading of the crisis, adding the time is short after industrialized nations failed to agree on concrete measures to end the crisis on Friday.
US President George W. Bush tried to bolster Americans' confidence in a G7 meeting in Washington on Saturday, saying, the financial crisis requires an serious global response and coordinated work to address the situation as quickly as possible.
French President Nicolas Sarkozy and German Chancellor Angela Merkel, meeting in France, said they will present a number of decisions at a Sunday meeting.
The finance ministers from the G20 group of rich and emerging nations are gathering at an emergency meeting to find ways to combat the growing crisis.
They will discuss the implications of the financial crisis on employment and growth.
In Singapore about 600 protestors lost their savings because of the global financial chaos and they have urged the central bank to help them recover their money.