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

  • rate this
    +5

    Comment number 60.

    #50
    As far as I understand, Brazil is not being nosy on Europe's affairs. The IMF has asked for more money from G20, and Brazil said ok, in return for more say inside IMF.

    Sounds fair, doesn't it?

    I really don't understand this attitude of "who do you think you are, go sort out your problems first" some people show towards Brazil...

  • rate this
    +1

    Comment number 59.

    @ 57. Pete: ball's in your court mate, no matter how hard you try to be a little playground bully. Wake up to the fact that we invented football but the world now shows us how to play it. Their rules, and they're tough. It's all Luis Suarez now, not Bobby Moore. Get used to it.

  • rate this
    +1

    Comment number 58.

    The brazilian economy has transformed itself in the last decade. Social inequality is forecast to be iradicated by 2018, mainly due to good governance.
    Continuation of this trend is greatly dependendent on the global ecconomy. Maybe the time is right for Brazil to have more say.

  • rate this
    -1

    Comment number 57.

    Oh cummon, pleasy weasy Croc _o_drivel. answer my quesyions ... am
    nd correct my spelling and grammer

  • rate this
    +2

    Comment number 56.

    48. Pete
    a) Where were you when France and Germany broke the terms of the original fiscabilaty compact
    b) explain to me why the accounts of the European parliament have not been signed off for the last 17 years running?
    //////
    a) On the M25 driving to work. I remember hearing it on the news.
    b) I don't know but please enlighten me with anything that's not a conspiracy theory.

  • rate this
    -1

    Comment number 55.

    Europe wont bail out Europe so it's the responsibility of the third world?

    Instead of rioting and trashing their country Greeks should thank Europe for the bailout with a free vacation! Free airfare and lodging! Think Ryanair, full hotels, full restaurants,etc., etc., and sell the punters a retirement home while they're down there!

  • rate this
    -1

    Comment number 54.

    Answer my questions

  • rate this
    +1

    Comment number 53.

    @51. Pete: That's a bit strong coming from you. I made a point which you reacted to yelling hysterically (3 exclamation marks nonetheless) and you've been throwing hissy fits ever since. I don't have to answer any of your so-called legitimate questions as you started the "childish reposts". It's up to you to step it up mateyboy, Your misspelled insults are like water off a duck's back.

  • rate this
    -1

    Comment number 52.

    Brazil has the most overvalued currency in the world (Goldman S). Despite government measures the Real continues upward. Imports are now 4 times exports. Buy some Greek goverment bonds, that should fix it.

  • rate this
    -1

    Comment number 51.

    Answer my questions.. dont drop into childish reposts.I live in this "Modern world" unfortunately. And thats why I asked a couple of legitimate questions. if you don`t know the answer fine. keep to the debate and get off your high horse,give back better than po faced idoitic " rough and dirty" statements. Bland drivel like "The Euro is a great idea" tells me thats it "An idea" nothing more.

  • rate this
    0

    Comment number 50.

    Hey #47,
    According to the World Bank, the bottom 40% of Brazilian workers earn 7.0% of National Income. The top 20% of workers earn 67.5%, about 30 times per capita of the lowest 20%. Yes, Brazil has millions living in poverty or near poverty in cities and rural settings. Millions have veen raised-up (excellent!) but it does have a very long way to go. Best regards.

  • rate this
    +1

    Comment number 49.

    @48. Pete: grow up. This is the modern world where the big boys play rough and dirty.If you can't handle that, stick to the sandbox.

  • rate this
    -1

    Comment number 48.

    Aux contraire! BP 120 over 80 Perfect! Where were you when France and Germany broke the terms of the original fiscabilaty compact And then told the oversight department of Europe to Foxtrot Oscar? Keep skipping through the long grass with your rose tinted Spectacles,at the same time, explain to me why the accounts of the European parliament have not been signed off for the last 17 years running?

  • rate this
    +4

    Comment number 47.

    @16 DavidinUSA
    "They talk about throwing their financial weight around the world when most residents of Rio and Sao Paolo live in Indian-style slums."

    What? Most residents??? Please don't get carried away.
    Sao Paulo (mind the spelling) has 11% of its people living in slums. A lot, but nowhere near what you think.
    Millions were lifted from poverty in the last decade, read more about Brazil.

  • rate this
    +1

    Comment number 46.

    @45. Pete:

    Beside hysteric paranoia and obvious high blood pressure, do you have anything constructive or rational to bring to the table ?

 

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