Kristalina Georgieva

Now they need to pull back what they're providing as support, and it is very difficult.

People like receiving.

They don't like losing what they have got.

So we see everybody recognizing that debt needs to go down, that fiscal consolidation needs to take place.

Here in the United States, Secretary Besant says we need to get to 3% deficit.

But acting on these intentions is hard.

where I want to shout bravo to Italy.

Traditionally, Italy was a country that was seen as having real difficulty to tighten up.

Now they are very likely to go below 3% deficit next year.

So there are some bright spots.

Greece is a fantastic story.

There are some bright spots, but still bright spots on a dark horizon.

The price of gold is going up because uncertainty has shot up and it is staying very high.

What do you do at the time of uncertainty?

You try to anchor yourself in something that has proven value.

When we look at the dollar,

Over decades, the share of dollar in reserves globally has gone down somewhat, mostly because other countries have presented a good alternative.

But they are all medium-sized countries.

Australia, Sweden, Switzerland.

Even Eurozone is not that big to present an alternative to the dollar.