China, emerging powers paying into IMF firewall to help protect sick men in Europe

[ekrem]

LOS CABOS, Mexico — Led by China, emerging economies pledged huge sums to the International Monetary Fund's global firewall, helping it raise $456 billion in resources as the eurozone crisis rages.

In a clear statement of their new force in the world economy, rising economic powers brought some $95.5 billion in new money to the table for the IMF during the G20 summit in Mexico, pushing it beyond its $430 billion target.

But the money also came with a warning that things had to change at the Fund, long dominated by the now troubled economic powers of Europe and the United States, which itself has not contributed to the firewall.

In an announcement late Monday, the IMF said China was offering $43 billion, Brazil, Russia, India and Mexico $10 billion each, $5 billion from Turkey, and smaller sums from a handful of other up-and-coming economies.

AFP: China, emerging powers pump up IMF firewall

 

[GodSaveAmerica]

Finally, payback for all of the aid we dispensed after WW2