OECD

The head of the OECD warned Monday that Europe needs to present a plan to involve private investors into the global effort to help Greece and give Athens time to deal with its problems.

"Time is critical, time is important to avoid a liquidity problem becoming a solvency problem. Time is of the essence also in order to allow for a recovery of everyone," Angel Gurria, head of the Organization for Economic Cooperation and Development, told reporters.

The global economy is slowing down in view of a number of factors such as the euro zone's debt problems and a weak U.S. housing sector, but is not headed for a double-dip slump, the head of the OECD said on Monday.

"No, that is not the case," Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development (OECD), told reporters when asked if recent signs of a slowdown pointed to the global economy facing another downturn.

Switzerland is under continued pressure to amend its legislation that would allow it to provide more assistance in finding tax evaders by other countries. The Organization for Economic Co-operation and Development (OECD) presses the Swiss government to make the international retrieval of tax evaders easier.

The OECD expressed critical attitude towards Swiss current rules for legal assistance in cases of tax evasion, noting that they were too restrictive and an obstacle for an effective exchange of information, weekly SonntagsZeitung said.

A report by the Organization for Economic Cooperation and Development (OECD) says that there are some factors that could cause global cyber catastrophe but only in combination with another disaster. Being a part of a wider OECD project examining possible "Future Global Shocks" the study said there were very few single "cyber events" that could cause a global shock.

 The Organization for Economic Cooperation and Development reported that in light of the "substantial improvements" in financial markets economic recovery in the developed nations will be faster next year.

Driven by the stimulus measures and reduced interest rates the recovery will still remain modest next year with the U.S. and Japan outpacing Europe, the OECD report said.