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After months of applying sticking plasters to the ailing global economy, have world leaders finally come up with an effective long-term treatment? In the Eurozone, there's talk of a two trillion euro stabilisation fund and a managed default for Greece. In the US, the Obama administration says it has plans to deliver job creation and deficit reduction.

Stephen Sackur talks to Ken Rogoff, a former chief economist at the IMF, and asks whether it's too late to avert a prolonged contraction in the industrialised world.