The Europeans may be doing well in the World Cup, the finals is an all European event, between Spain and Holland, but on the global economic field, Europe is not doing so well.

This mornings Washington Post reports that the International Monetary Fund ,(IMF), said, Wednesday, yesterday, that the USA and the emerging Asian and Latin American countries economies remain on track.The IMF is critical Europe's performance,. and cites Europe's slow growth, heavy debt, and troubled banks, that lack sufficient capital. A red card for Europe.IMF says that Europe is top threat to global recovery. Europe's problems could lead to "substantially lower global demand."

The IMF said it also expected the United States to grow slightly faster than it had earlier predicted -- about 3.3 percent for 2010, and 2.9 percent for 2011. The IMF projected that the growth of the sixteen countries that share the European currency the euro will be just 1 percent this year and 1.3 percent the following year.

European governments are downsizing, cutting spending, cutting social programs, in an effort to reduce their high debt. These measures may result in a further slow down of their economies. At the recent G20 meetings the governments agreed to cut their debt.