The head of the IMF has warned that its $384bn (£248bn) war chest designed as an emergency bail-out fund is inadequate to deliver the scale of the support required by troubled states. In a document distributed to the IMF steering committee at the weekend, Ms Lagarde said: "The fund's credibility, and hence effectiveness, rests on its perceived capacity to cope with worst-casescenarios. Our lending capacity of almost $400bn looks comfortable today, but pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders." The suggestion came after European officials revealed they were working on a radical plan to boost their own bail-out fund, the European Financial Stability Facility (EFSF), from €440bn (£384bn) to around €3 trillion. The plan to increase the EFSF firepower is the crucial part of a three-pronged strategy being designed by German and French authorities to stop the eurozone's debt crisis spiralling out of control. It also includes a large-scale recapitalisation of European banks and a plan for an "orderly" Greek default. rest of article at http://www.telegraph.co.uk/finance/financialcrisis/8788223/Christine-Lagarde-IMF-may-need-billions-in-extra-funding.html
One must wonder where the funding for the bailout fund is coming from. Lessee, who can we borrow from this time? (How about Argentina ---)
I'm betting The Magic Kenyan slips them a cool few billion FRNS, and writes it off as more debt to China........
Where did the IMF get it's funds in the first place? International Monetary Fund - organization, system, system, History, The creation of the imf
It's my opinion that ALL who use other people's money will NEVER have enough. I believe it to be one of nature's fundamental truths.
No problem......minute or two at a keyboard, and the IMF can get a few trillion from the FED....they've gotten REALLY good at 'stroking' it up:
It comes from Taxpayers of all nations, the future taxes that will be paid by current taxpayers and those yet to be born. We owe our souls to the company store. The living will envy the dead as they are no longer forced to pay for woefully nay, criminally negligent politicians and the globalist agenda. Oh also those that rescinded their SSN, they are excluded too for the most part. Lucky bastards! Naughty 'Broker than i was yesterday' Monkey
