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Dominique Strauss-Kahn, the IMF's managing director, warned that "we face the risk of a lost generation", adding: "When you lose your job, your health is likely to be worse. When you lose your job, the education of your children is likely to be worse. When you lose your job, social stability is likely to be worse – which threatens democracy and even peace. So we shouldn't fool ourselves. We are not out of the woods yet. And for the man in the street, a recovery without jobs doesn't mean much."

Tim Geithner, Obama's treasury secretary, said: "The United States believes that global rebalancing is not progressing as well as needed to avoid threats to the global economic recovery.