European Stocks Slide as G-20 Rebuffs Boosting IMF
So, the Group of 20 (G-20) met this weekend in Mexico. The good news is none of the deligates were kidnapped and none of them got caught up in a drug cartel shoot out.
Germany went to the Mexico meetings of finance ministers and central bankers urging G-20 nations to find further money that the IMF could channel to the euro area. IMF Managing Director Christine Lagarde, who attended the talks, said she wants to increase the fund’s lending capacity by $500 billion so that it can fend off “further shocks” to the global economy.
Basically, the other G-20 nations told the Europeans “Show Me The Money!” G-20 officials told the euro area’s political leaders to utilize their own already committed funds and to provide more financial firepower before they (the G-20) consider lending their support, putting the onus on Germany, already the biggest national contributor to the bailouts.
European stocks declined, extending last week’s retreat, as the Group of 20 nations rejected calls from the euro area to increase the International Monetary Fund’s
The Stoxx Europe 600 Index slid 0.7 percent to 263.05 at 3:47 p.m. in London, extending last week’s 0.4 percent retreat.
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