IMF Chief: Clouds over Global Economy are 'Getting Darker by the Day'

Escalating trade tensions are posing an increasing threat to the global economy, the head of the International Monetary Fund has warned.

"The clouds on the horizon ... are getting darker by the day," IMF Managing Director Christine Lagarde said at a news conference in Berlin on Monday.

IMF-Berlin deal still no closer

German Finance Minister Olaf Scholz has lowered expectations about the participation of the International Monetary Fund in the Greek program and the extent of Greece's debt relief, while European Commission mission chief Declan Costello warned Athens against slowing down with reforms after the end of the program.