EU Agrees to Give $175 Billion to IMF
EU finance ministers say they are ready to increase their total contribution to the International Monetary Fund to €125 billion ($175 billion.)
Sweden's Anders Borg said the 27-nation bloc will give more money to help plug a shortfall in the $500 billion the fund is looking for to help it lend to countries suffering from the global economic downturn.
He told reporters after a Wednesday meeting EU countries still have to decide how much each of them will pledge.
Germany is promising €25.03 billion, France will give €18.45 billion and Britain will up its share by an extra $11 billion to $26 billion.
Anders Borg, Sweden’s Minister for Finance, on the Ecofin ministers’ lunch, 2 Sep
Video from: se2009.eu