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EU, ECB Should Support Euro, Rather Than IMF, Cameron Says

Nov. 7 (Bloomberg) -- Leaders of the 17-country euro area should look to the European Central Bank to support their moves to tame the debt crisis rather than relying on the International Monetary Fund, U.K. Prime Minister David Cameron said.

“We mustn’t permit the IMF to substitute for what the ECB and other institutions of the EU need to do,” Cameron told lawmakers in the House of Commons in London today. “It is for the euro zone and the ECB to support the euro, and global action cannot be a substitute for concrete action by the euro zone.”

The Group of 20 withheld extra commitments to the IMF at its summit in Cannes, France, last week because it wants to see more action from the euro region to build a credible firewall around Greece and to support the currency, Cameron said.

“The world sent a clear message to the euro zone at this summit: sort yourselves out and then we will help, not the other way round,” Cameron said. “The important role of the IMF is not to support a currency system, not to support the bailout fund, it is to be there for countries in distress.”

To contact the reporter on this story: Thomas Penny in London at tpenny@bloomberg.net

To contact the editor responsible for this story: Eddie Buckle at ebuckle@bloomberg.net

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