MEXICO CITY: leading economies said Europe should put extra money to its debt crisis, wants more help from the rest of the world, piling the pressure on Germany for its opposition to a larger European bailout fund to drop.
Eurozone countries agreed on Sunday during a meeting of financial leaders of the Group of 20 economic powers next month again the strength of their bailout funds.
This would be "essential" when it comes to the G20 countries are considering investing more in crisis the International Monetary Fund's war chest, the G20 finance ministers and central bankers said in their final communique after two days of meetings here.
"There is broad agreement that the IMF can not substitute for the absence of a stronger European firewall and the IMF can not continue without more clarity about their own plans of Europe," U.S. Treasury Secretary Timothy Geithner said.
Germany, as Europe's largest economy, has sent conflicting signals about whether it is ready to soften its position, and it came under pressure this weekend to support increasing the war chest region.
It faces political obstacles at home. German lawmakers, who on Monday will vote on a second Greek bailout package, have argued that imposing fiscal discipline on indebted countries is much more important to regaining the confidence of the markets and the resurgence of economic growth than larger rescue funds.
Geithner disagreed. While Europe's actions so far limited the risks of a "catastrophic" financial crisis, more should be done, he said.
British finance minister George Osborne was even sharper.
"We need the color of the money in the eurozone's first look - and, frankly, that is not in a state it is not, there is no additional IMF money of Great Britain or probably anyone else." He said.
The G20 is racing to line up massive international funds worth nearly $ 2 trillion - including existing and new resources - perhaps by late April. This would help to draw a line under the financial crisis that erupted in 2008, when Lehman Brothers collapsed, led to the deepest U.S. recession since the 1930s and now has engulfed much indebted countries in Europe.
It would mark their boldest move since they plowed $ 1 trillion into their economies to three years ago to combat the recession. Many developed economies are still flooding markets with cheap money to fuel growth and the financial contamination.
Strong firewall
Yet the recovery of the global economy remains patchy and the risks are still high that it could stumble, the G20 finance officials said in their communique.
She also noted risks to growth rising oil prices, which vaulted to a nearly 10-month high above $ 125 a barrel on Friday. The G20 received commitments from oil producers to ensure adequate supplies.
A larger firewall would better equip officers to contain financial turbulence that could return, Olli Rehn, European Commissioner for Economic and Monetary Affairs, said.
"We should not delay this further, since one of the crucial lessons of this crisis is that ... The longer we wait the more expensive it tends to get," he said.
German Finance Minister Wolfgang Schäuble promised to make a decision some time in March to make.
The proposal is for temporary and permanent bailout funds from Europe together into a 750 billion euro ($ 1 billion) war chest to create. This would open the way for the other G20 countries, including Japan and China, the IMF's request for $ 500 to comply - $ 600 billion in new funds over and above the current $ 385 billion in funds.
Put together, this would total nearly $ 2 trillion in firepower. Finance of the G20 leaders together in Washington in late April, where they plan to discuss additional IMF funds.
Germany isolated
Germany Schaeuble said there were no disagreements on the best way to Europe to stabilize, and behind closed doors he appeared conciliatory. Margrethe Vestager, Minister of Economy of the current EU president Denmark said Saturday that "even Germany" was reasonably happy with the bailout fund to strengthen.
But Germany fought in vain to weaker language in the G20 communique, the will to say that a reassessment of the financial firepower of Europe was "important" for getting more IMF funds, not "essential", as was finally agreed , G20 officials said.
And from Berlin, a government official close to Chancellor Angela Merkel insisted on Sunday there is enough money pledged to rescue the euro zone fund.
The United States and some emerging countries struggling to understand the position of Germany, another G20 officer said.
"They find it hard to the German obsession with fiscal discipline to understand that Germans were a bit isolated in the meeting and put the blame on Merkel and the Bundestag was a way for the German delegation to the criticism from non-EU countries combat, "a G20 official said.
Lawmakers in the Bundestag parliament was expected that the second Greek rescue plan to be approved with the opposition to support when it comes to a vote on Monday.
IMF reforms
Some emerging economies with disorders of their own to give more money to the IMF. The Brazilian Minister of Finance said that, on top of a larger European rescue vehicle, emerging economies would implement a 2010 reform which they want more say in the Fund
In another sign of emerging economies try to get their muscles to bend, they said they could bring their own candidate for the soon-to-be-open job running the World Bank, which traditionally goes to the United States.
In the communique, the G20 confirmed it would keep her promise to the IMF reforms by an annual IMF meeting in September.
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Tuesday, February 28, 2012
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