Monday, February 27, 2012

G-20: Bigger euro firewall needed before more IMF funds

MEXICO CITY (AFP) - The euro zone will have to put in place a bigger financial firewall to combat the crisis before other countries will pour more cash into the IMF, the G-20 top and developing economies said on Sunday.
In a statement released after a meeting of the group of 20 (G-20) finance ministers and central bankers here, the G-20 said: 'Euro area countries will reassess the strength of their support facilities in March.
'This will provide an essential input in our ongoing consideration to mobilise resources to the IMF.' Calls on the euro zone to boost their crisis-fighting war chest dominated the meeting here in Mexico City, with top officials such as United States Treasury Secretary Timothy Geithner saying it was essential to prevent more fallout worldwide.

At a crunch two-day summit in Brussels starting on Thursday, EU leaders will debate whether to combine their current firewall, the EFSF, with a permanent pot due to come into effect in July.

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