Brazil wants more IMF power for extra eurozone funds

 
Brazil's Finance Minister Guido Mantega Guido Mantega wants eurozone nations to put forward more of their own funds

Brazil has said that developing nations would be happy to provide more money to ease the eurozone's debt crisis, in return for more power within the International Monetary Fund (IMF).

The comments were made by Brazilian Finance Minister Guido Mantega as he met with his opposite numbers at a G20 meeting in Mexico.

He also called on eurozone countries to contribute more of their own funds.

This position was echoed by UK Chancellor George Osborne.

Mr Mantega said: "Emerging countries will only help under two conditions; first that they strengthen their firewall and second for the IMF [voting rights] reform be implemented.

"I see most countries sharing a similar opinion that the Europeans have to strengthen their firewall."

Mr Mantega, and other G20 finance ministers, want eurozone nations to put more funds into the European Stability Mechanism, the fund set up to bail out nations struggling with their sovereign debt.

'Colour of money'

German Finance Minister Wolfgang Schaeuble said eurozone nations would look next month at increasing the size of the ESM.

Mr Osborne, speaking to Sky News, said the UK was waiting for this to happen.

"We are prepared to consider [increasing] IMF resources but only once we see colour of eurozone money and we have not seen this," he said.

"While at this G20 conference there are a lot of things to discuss, I don't think you're going to see any extra resources committed here because eurozone countries have not committed additional resources themselves, and I think that quid pro quo will be clearly established here in Mexico City."

 

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  • rate this
    0

    Comment number 65.

    Despite the government's incompetence Brazil has grown. Imagine if the government was competent?

  • rate this
    +2

    Comment number 64.

    63. Pete
    Answer my questions
    /////
    I did, and impressed by the wisdom that transpires from your posts I humbly admitted my own ignorance and grovellingly begged you to educate me on why the EU accounts haven't been signed off for 17 years, as obviously your knowledge on that subject is vastly superior to mine. I can't wait for your response.

  • rate this
    -1

    Comment number 63.

    How on earth did you get from Europe to Brazil so fast? Get off the M25 and away from the conspircy theorists and keep to our thread. If you need the answers I am happy to tell you.

    Answer my questions, then Brazil we can debate.

  • rate this
    +1

    Comment number 62.

    @61. bangers64:
    Who isn't bent? Even partial linesmen at under 11's football games cheat. Fact is that the only chance of survival we have is the EU and we should take some of the lifelines we're being offered. Brasil are trying to even the playing field, which is fair enough. It could be worse, they could kick us when we're down like the US did with Suez.

  • rate this
    -1

    Comment number 61.

    @59Croc_o_bile Dundee

    Fact is mate, EU is bent as a 9 bob note when it comes to throwing our cash about. Its OK to be pro EU but at least admit to its (vast) failings

 

Comments 5 of 65

 

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