Friday, April 20, 2012

Osborne urged to fork out MORE on IMF euro bailout fund....Looks like we will bow to their demands again....Which no doubt he will

George Osborne last night came under intense pressure to contribute to the International Monetary Fund’s bailout fund for Europe amid increasing fears it will fall far short of its $500billion (£310billion) target.

The IMF’s French managing director Christine Lagarde claimed ‘it was in Britain’s interests’ to provide more resources.

The Chancellor finds himself in a difficult position because of the fierce opposition on the Tory backbenches and among the public to taxpayers’ money being used to rescue failing nations in the eurozone at a time of national austerity.

British officials made it clear in Washington last night that although Mr Osborne was committed in principle to contributing £10billion to the emergency fund it would only participate if there is a ‘global deal’.

So far, Miss Lagarde has received£200billion of commitments to the IMF’s emergency loans scheme.

But a number of the most important nations – including the U.S., Canada, Australia and China – have yet to agree to participate. Read More