The IMF announced today that the global economic recovery is in danger. Citing mounting opposition across Europe to austerity measures – and the failure of the US government to find a way to raise the debt ceiling – the IMF cautioned in three newly released reports that the entire world could slip back into financial instability.

The report reads, “We have entered into a new phase of the crisis that I would term the political phase, where hard political decisions need to be made because the window for substantial policy action is closing. Time is of the essence.” Austerity measures are threatening to take down the Greek government where tens of thousands of protestors have rallied in the streets and gone on strike brining the European nation to a standstill.

And in the United Kingdom – where austerity measures have already been implemented by the government – the economy is shrinking.