IMF chief slams "feeble" European leaders; says debt crisis moving into dangerous new phase for world.

The head of the International Monetary Fund has warned the economic crisis gripping Europe is entering a dangerous new phase.

Christine Legarde says Europe's sovereign debt woes have been made worse by what she's described as "feeble political leadership".

Her calls for bold action to ease the crisis came as major central banks agreed to provide a financial lifeline to European banks for the rest of the year.

Here's my analysis from The World Today.