Louise Armitstead and Jonathan Russell
The Telegraph
September 26, 2011
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.”
The suggestion came after European officials revealed they were working on a radical plan to boost their own bail-out fund, the European Financial Stability Facility (EFSF), from €440bn (£384bn) to around €3 trillion.
3 Responses to “IMF may need billions in extra funding”
Leave a Reply
You must be logged in to post a comment.
Live and let IMF die.
In other words they coming to take everything you own and every dime you saved cut every Entitlement program to ZERO. and leave you with NOTHING!! Your not on Earth any more DORTHY..
How about a breathing…I mean carbon tax, paid directly to the IMF?