The Eurozone will available to the International Monetary Fund new resources for 150 billion euros. The Washington-based institution will thus have more liquidity to help countries burdened by the debt crisis. The decision was announced yesterday at the end of an Ecofin meeting (euro area finance ministers) which was held by teleconference.
“It is an insufficient therapy – commented Peter Kurer, former president of UBS -. The world would need much more: a robust injection of Eurobonds, for example”.
Germany has limited its intervention to 41,5 billion while poor Italy pledged 23,5 billion ahead of Spain (14,9 billion) but behind France (31,4 billion). Greece, Portugal and Ireland are exempt from the payment. There Britain “he indicated that he will define his contribution at the beginning of next year – states the Ecofin communiqué – within the framework of the G-20”.
The British contribution should amount to about 30 billion euros. The coordinated intervention of the Eurozone countries and Great Britain is joined by that of four other EU members: the Czech Republic, Poland, Denmark and Sweden.
“The Union would appreciate that i G-20 members as well as other IMF member countries financially sound support efforts to preserve global financial stability, helping to increase the Fund's resources,” added Ecofin.
“We welcome – commented a IMF spokesman – the support of EU finance ministers for a substantial increase in the Fund's resources, as we work to strengthen our ability to fulfill our systemic responsibilities towards our global membership”.
