IMF Seeks Funds for European Debt Crisis as U.S. Stands Back
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In 2009, the U.S. led a global drive to increase the International Monetary Fund’s firepower to help pull the world out of recession, pitching in $100 billion. This time, it’s a bystander in a similar effort to counter the European debt crisis.
European leaders meeting in Brussels agreed to lend the IMF as much as 200 billion euros ($268 billion), opening the way for aid from nations such as Brazil and South Korea. While the U.S. supports the effort, it won’t participate, an administration official said in Washington yesterday.