Bloomberg
December 1, 2011
The International Monetary Fund is ready to help the euro area battle its debt crisis while setting aside enough resources to help countries outside the region, Managing Director Christine Lagarde said.
“The IMF will be available, will stand ready, will participate as part of its mission in the current crisis but not exclusively to the benefit of the euro zone,” Lagarde told reporters in Mexico City today. “It will have to be attentive and will have to spare resources for those countries that are the bystanders of the crisis.”
The Washington-based IMF is co-financing bailouts to Greece, Portugal and Ireland and is preparing to send a team to Italy for an unprecedented audit of the country’s efforts to cut its debt. European finance ministers said this week they would seek a greater role for the IMF alongside their own bailout fund in their latest gamble at taming the euro zone’s sovereign debt turmoil.
Lagarde has said that the $390 billion the IMF currently has available for lending may not suffice to meet loan demand should the global outlook worsen. The new-found wealth of Mexico and Brazil, where she will be tomorrow, could help boost the fund’s war chest. Group of 20 nations’ leaders this month stopped short of pledging more funds because the Europeans hadn’t given enough details on how they would fight their crisis.
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