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Christine Lagarde has signalled that the International Monetary Fund (IMF) may have to tap its members – including Britain – for billions of pounds of extra funding to stem the European debt crisis.
The head of the IMF has warned that its $384bn (£248bn) war chest designed as an emergency bail-out fund is inadequate to deliver the scale of the support required by troubled states.
In a document distributed to the IMF steering committee at the weekend, Ms Lagarde said: "The fund's credibility, and hence effectiveness, rests on its perceived capacity to cope with worst-casescenarios. Our lending capacity of almost $400bn looks comfortable today, but pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders."
United States : 17.72% of IMF funding
Japan : 6.57% of IMF funding
Germany : 6.13% of IMF funding
United Kingdom 4.52% of IMF funding
France 4.52% of IMF funding
China 4.01% of IMF funding
Italy 3.32% of IMF funding
Saudi Arabia 2.94% of IMF funding
Canada 2.68% of IMF funding
Russia 2.5% of IMF funding
India 2.45% of IMF funding
Netherlands 2.17% of IMF funding
Belgium 1.94% of IMF funding
Brazil 1.79% of IMF funding
Spain 1.69% of IMF funding
Mexico 1.52% of IMF funding
Switzerland 1.45% of IMF funding
South Korea 1.42% of IMF funding
Australia 1.36% of IMF funding
Venezuela 1.12% of IMF funding
Originally posted by surrealist
So who's gonna bail out Greece? Then who's gonna bail out Italy and Spain? Then who's gonna bail out Europe? Then who's gonna bail out the US? Then who's gonna bail out China? Then who's gonna bail out the IMF? Then who's gonna bail out who's? Then who's gonna bail out the whole wide world!!!!???
U.S. Has Already Contributed $100 Billion + to Bailouts;
“We Cannot Take the ‘Too Big to Fail’ Philosophy to a Global Level”
The global debt crisis was caused by too much spending and borrowing and that crisis will not be solved by more spending and borrowing. We cannot take the ‘too big to fail’ philosophy to a global level.