Bank bailouts don't avert recession

October 15, 2008

British Prime Minister Gordon Brown said the International Monetary Fund must be reshaped to help regulate the world's financial system and avoid a repeat of the global credit crisis. Brown was speaking ahead of a summit meeting of EU leaders. The summit comes as countries around the world pledge funds to bail out banks ailing banks. But though the banking crisis may have been averted - recession has not. Stefanie Mcintyre reports.