US default would have 'very serious repercussions': IMF

IMF communications director Julie Kozack urged all parties to urgently resolve the matter

The International Monetary Fund warned Thursday of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its debt ceiling.

"Our assessment is that there would be very serious repercussions not only for the US but also for the global economy should there be a US debt default," IMF communications director Julie Kozack told reporters, urging all parties to urgently resolve the matter.