Wednesday, April 18, 2012

IMF says secures $320 bln in drive for new funds....How much MORE money will they be prepared to Throw away untill they face the EURO isn't Working?

WASHINGTON, April 18 (Reuters) - The International Monetary Fund said on Wednesday it had raised $320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort.

IMF Managing Director Christine Lagarde said she had received commitments of $34 billion on Wednesday, including $8 billion from Poland and "a substantial amount" from Switzerland.

"Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members," she said in a statement.

Lagarde is hoping to secure at least $400 billion in commitments from finance officials from around the globe, who meet this week in Washington under the auspices of the Group of 20 nations and the IMF and World Bank. Read More