G-20 Fails to Agree on More Funding for IMF
- Posted on November 4, 2011 at 11:24am by
Becket Adams
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World leaders have failed to agree on increasing the resources of the International Monetary Fund, a move that European governments hoped would allow them to tap more foreign aid to help in this crisis-fighting efforts.
“It’s important that the IMF sees its resources reinforced,” Jose Manuel Barroso, the president of the European Commission, told reporters.
(Related: Unemployment Drops to Six-Month Low)
Speaking from a Group of 20 summit in Cannes, France, Germany Chancellor Angela Merkel said governments are awaiting further details on Europe’s week-old rescue package before committing funds. Their reluctance to immediately channel funds to the euro zone reflects their frustration with Europe’s failure to put an end to the crisis.
“We will now accelerate our work on the guidelines of the EFSF and then all IMF member states are called on to contribute to the EFSF,” Merkel said.
European and U.S. markets fell today following Merkel’s comments, as did the euro. The Stoxx Europe 600 Index declined 0.3 percent as of 12:03 p.m. today in London. The euro fell to $1.3822.
Speaking for almost everyone, British Prime Minister David Cameron said, “Every day that the eurozone crisis continues, every day it isn’t resolved, is a day that has a chilling effect on the rest of the world economy.”
“The rest of the world outside the eurozone is saying, We are ready to do our part to help stabilize the world economy. … But you can’t ask the IMF or other countries to substitute for the action that needs to be taken within the eurozone itself,” he added.
Wall St. Cheat Sheet contributed to this article.
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mkurbo
Posted on November 9, 2011 at 2:06pmThis “deal” or effort will not stand. It is fundamentally flawed because it cannot be sustained. You can’t keep loaning money to a socialist government which has no growth opportunities and is inherently resistant to cutting government spending – period.
It’s not any more complex than that…
Report Post »BillinOz
Posted on November 4, 2011 at 9:18pmGood comment Wobblyone. It has been suggested that Greece be sold to China as a Theme Park. Good suggestion! Our fat-arsed flame-haired Australian PM would be better off back here controlling that swill of a senate committee criticising Qantas for doing the only thing it could do against Government backed union rebels.
Report Post »Europe is a dead man walking, and Greece is already finished as a believable entity, so non-involved Social Democrats should stay the hell out of the debate and look after their own people and economy. Kick her fat arse home to OZ asap! And don;t let her kiss and cuddle with Obama too much or she may infect Australia with his failed beliefs too.
Wobblyone
Posted on November 4, 2011 at 5:53pmSo we’ve all got problems. Australia has an idiot over there posing as our Prime Minister. She is neither elected, nor does she have a mandate to do ANYTHING…. yet there she is, telling the bloodsuckers at the IMF that Australia will contribute to the support of the donkeys in Europe who can’t manage their economies.
Report Post »For goodness sake, would someone send the dope home.
isobamamadd
Posted on November 4, 2011 at 5:23pmWe need out of the IMF ,the money comes largely from the U.S. to promote the Foolishness of the Liberals, and unions. Big Bankers are going to use it to bring all Banking under one world government control.. IMF= WORLD BANK,,, U.N. =WORLD GOVERNMENT.
Report Post »Wobblyone
Posted on November 4, 2011 at 6:00pmThe US will never pull out of the IMF while the long legged MacDaddy is your King Dick. He’s got you on the very fast train to World Socialism and the UN, together with the IMF and the World Bank are his partners in that agenda.
Report Post »They are going to create absolute chaos in our world and then hold up the brilliant white light of illumination and lead you all into the promised land. lol, lol, lol……
And we haven’t even got to Islam yet. Shitodear.
chubbzbar
Posted on November 4, 2011 at 2:20pmIs the IMF going to bail us out when we go the way of the Eurozone? Just askin . . .
Report Post »lodgerat
Posted on November 4, 2011 at 9:23pmIt won’t, we supply the lions share of their money.
Report Post »Raisingmy3boysright
Posted on November 4, 2011 at 2:00pmI think all of these Useful Idiots in govt. should go join the Useless Idiots at OWS. Seriously Obama goes and speaks to them like they are going to listen to him??? Our country has not had a budget in over 1000 days! I think they were all just sitting around BSing the entire time while laughing because they are ALL destroying the world!
Report Post »SpankDaMonkey
Posted on November 4, 2011 at 1:40pm.
Report Post »No more money for Usless People………..