G-20 Fails to Agree on IMF Aid for Europe |
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November 4th, 2011
CANNES, France—German Chancellor Angela Merkel Friday conceded that the Group of 20 industrial and developing nations reached no agreement on how the International Monetary Fund could assist in resolving the euro-zone debt crisis.
CANNES, France—German Chancellor Angela Merkel Friday conceded that the Group of 20 industrial and developing nations reached no agreement on how the International Monetary Fund could assist in resolving the euro-zone debt crisis.
Ms. Merkel also acknowledged that no G-20 country has committed itself to investing in the European Financial Stability Facility, the euro-zone bailout fund. She indicated the G-20 leaders agreed in principle that the IMF and the EFSF could work together, but how they would do so is still unclear.
"In the next period we will work out the guidelines for the EFSF and then all IMF members are invited to voluntarily participate [in the EFSF] in a way that is appropriate for them. And so I think we have an interesting process ahead of us and the discussion is not yet concluded. There are hardly any countries that have said already they will cooperate with the EFSF. Several have made inquiries and I think it will depend on the guidelines," Ms. Merkel said.
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