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G-20 leaders fail to agree on how to boost IMF

 Indonesian President Susilo Bambang Yudhoyono, left, talks with South Korean President Lee Myung-bak during a working session at the G20 Summit in Ca...
 U.S. President Barack Obama talks with German Chancellor Angela Merkel during a working session at the G20 Summit in Cannes, France Friday, Nov. 4, 2...
 U.S. President Barack Obama, 2nd right, talks with, from left to right: Britain's Chancellor of the Exchequer George Osborne; British Prime Minister ...
 Delegates arrive for Friday's first working session at the G20 summit in Cannes, Friday, Nov. 4, 2011. European leaders had meant to use the summit o...
 Brazilain President Dilma Rousseff arrives for Friday's first working session at the G20 summit in Cannes, Friday, Nov. 4, 2011. European leaders had...
 Japanese Prime Minister Yoshihiko Noda, right, is pictured with other unidentified deligate,  during a working session at the G20 Summit in Cannes, F...
 Prime Minister Julia Gillard of Australia, center, talks with Canada Prime Minister Stephen Harper, and Indian Prime Minister Manmohan Singh during a...

France G20 Summit

Indonesian President Susilo Bambang Yudhoyono, left, talks with South Korean President Lee Myung-bak during a working session at the G20 Summit in Ca...

France Obama G20 Summit

U.S. President Barack Obama talks with German Chancellor Angela Merkel during a working session at the G20 Summit in Cannes, France Friday, Nov. 4, 2...

France Obama G20 Summit

U.S. President Barack Obama, 2nd right, talks with, from left to right: Britain's Chancellor of the Exchequer George Osborne; British Prime Minister ...

France G20 Summit

Delegates arrive for Friday's first working session at the G20 summit in Cannes, Friday, Nov. 4, 2011. European leaders had meant to use the summit o...

France G20 Summit

Brazilain President Dilma Rousseff arrives for Friday's first working session at the G20 summit in Cannes, Friday, Nov. 4, 2011. European leaders had...

France G20 Summit

Japanese Prime Minister Yoshihiko Noda, right, is pictured with other unidentified deligate, during a working session at the G20 Summit in Cannes, F...

France G20 Summit

Prime Minister Julia Gillard of Australia, center, talks with Canada Prime Minister Stephen Harper, and Indian Prime Minister Manmohan Singh during a...

Leaders of the world's 20 most powerful economies failed to agree on how to increase the firepower of the International Monetary Fund, so that it can help stem the European debt crisis, though they acknowledged its resources should be boosted.
The leaders struggled to reach concrete resolutions at their summit in the French resort of Cannes that has focused on Greece's political turmoil and worries about Italy that are threatening the world economy.
"It's important that the IMF sees its resources reinforced," European Commission President Jose Manuel Barroso told reporters.
He said that Italy had also asked the IMF for help monitoring its budgetary and structural reforms. Doubts have grown over whether Italian Prime Minister Silvio Berlusconi will have the political strength to implement promised reform measures meant to revive the country's lackluster economy and bring down its massive debt.
Leaders of the world's biggest economies were focusing on strengthening the IMF as they scrambled for ways to help Europe contain its raging debt crisis without worsening their own money troubles. European and non-European countries disagree about how to better use the IMF _ the institution that was set up as the lender of last resort for struggling governments after World War II _ to help.
With their own finances already stretched from bailing out Greece, Ireland and Portugal _ and traditional allies like the United States wrestling with their own problems _ eurozone countries are looking to the IMF to use its resources and rescue experience to help prevent the debt crisis from spreading to large economies like Italy and Spain.
But within the IMF, the powers have shifted.
Until two years ago, the IMF _ dominated by the traditional powers in Europe and the U.S. _ mostly applied the painful adjustment programs that are attached to its financial lifelines to poor and emerging economies in Asia, Latin America and Africa.
Now, it's growing powers like China, Brazil and South Africa that have to decide whether helping Europe is a worthy investment.


Updated : 2021-10-18 00:52 GMT+08:00