Monday, December 19, 2011

Britain Says No To 200B Euros To I.M.F.

Fox news reports that in a long conference call today the EU ministers assessed plans for tighter euro zone fiscal rules, now labelled 'fiscal compact', that policy makers hope will insulate the 17-country currency zone against a repeat of the two-year debt crisis.

However, in the call, Britain had made it clear that it would not participate in the plan to increase IMF resources by up to 200 billion euros. 150 billion of that was supposed to come from euro zone central banks. So the question now is who would commit such kind of money  from the remaining countries that actually have any money to lend.

A treasury official was quoted as saying: "We were clear that we would not be making a contribution," "no agreement on the 200 billion" euro funding boost.

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