IMF boosting its resources to combat the debt crisis

Date: Wednesday 18 Jan 2012

The International Monetary Fund (IMF) is looking to boost its lending resources by nothing less than $1 trillion as it prepares to combat any worsening in the European sovereign debt crisis, according to a G-20 source cited by Bloomberg Television.

The plan would include putting pressure on the BRICs (Brazil, Russia, India and China), Japan and oil-exporting countries to provide the necessary funds. The IMF plans to sign off on the agreement at the next G-20 meeting scheduled for February 25th and 26th in Mexico.

European markets swung around on the news and trade up by 0.4% on average. The FTSE 100 itself moved briefly into positive territory although it is currently trading flat at 5,694 points.

JM

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