IMF receives more money for economic bailout
The International Monetary Fund has managed to put together over US$430 billion for a European crisis fund.
The new funds were raised with the assistance of China, Russia, India and Brazil, the emerging industrial giants.
The IMF had been looking for commitments to ease the lending burdens from the current Eurozone fund.
IMF managing director Christine Lagarde has confirmed the lending capacity of the fund will be doubled, allowing a firewall to be added to prevent another economic crisis in the region.
Up until last week, the IMF and the finance chiefs of the Group of 20 economic powers had promised hundreds of billions of dollars in pledges.
Much of the money is expected to prop up the economies of Portugal, Ireland and Greece.
Source: Europe News.Net
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