The looming threat of the U.S. defaulting on its debt has prompted many to discuss what the consequences might be here. But what happens to the rest of the world if the U.S. defaults? According to the International Monetary Fund, it will be a disaster. At a press conference yesterday, IMF chief Christine Lagarde called a U.S. default “a very, very, very serious event, not just for the U.S., but the global economy at large.” Gian-Maria Milesi-Ferretti, assistant director for the western hemisphere department of the IMF, speaks about the necessity of avoiding default and how the U.S. can do it.