OTTAWA and TORONTO -- The global recession could bankrupt as many as 16 countries, and the world's lender of last resort says it doesn't have anywhere near enough money to bail them all out.

That's the hard message contained in a report released yesterday by the International Monetary Fund, as Latvia's Prime Minister-designate warned that the government is on the edge of financial collapse, Romania's central bank chief said the country may need IMF aid to stabilize its deteriorating finances and several other countries showed widening cracks stemming from the rising tide of financial and economic woes swamping the globe.


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