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BY RUISHA QIAN
ANCHOR ERICA COGHILL
At Saturday’s G20 meeting in Paris, world leaders are set to wrestle about whether to boost IMF’s aid in the European debt crisis. The Economic Times explains one side of the debate.
“Brazil, Russia, India and China are working on ways to contribute money rapidly to expand the effective funds of the International Monetary Fund... to increase the role of emerging economic nations in combating the eurozone sovereign debt crisis.”
The plan would give the IMF roughly $750 billion in normal lending capacity.
Bloomberg, quoting a Hong Kong-based strategist, says more involvement in funding could give emerging countries more say in the euro crisis.
“Emerging markets, in particular China, may feel the pressure at this point to make some gestures to help the West. They do not want to invest too much given that the West’s problems are of its own making, and if they help, they want to do so in a way that brings them benefits and recognition.”
The plan has been shot down by the US, UK, and Canada.
In an interview with CNBC, US Treasury Secretary Tim Geithner says Europe should be able to take care of itself.
“Of course Europe, as a whole, has very substantial resources available to help manage the problem. The financial problem that faces Europe is complicated to solve, but they are well within the resources that Europe has available.”
And the Financial Times explains why the U.K. isn’t fond of the idea of more IMF aid, either.
“The emerging economies’ offer put the UK in a particularly difficult position because David Cameron, prime minister, called this week for a much bigger “bazooka” to prevent contagion spreading from Greece, through Spain and Italy to the rest of the world economy, but does not want to commit UK funds to the effort.”
Despite the wrangling between developed and developing countries, the Wall Street Journal says ultimately, the plan is likely to encounter legal difficulties.
“Even if the G-20 backs the idea, however, doubling the IMF's resources requires legislative approval, a political hurdle that could stymie efforts in some countries. Some lawmakers in the U.S. Congress, for example, have discussed de-funding existing commitments to the IMF. Asking Congress for additional funding would be a major obstacle.”
Las constructoras necesitan ayudas aunque tengan plusvalías de miles de millones de euros, como Fadesa. George Soros dice que la crisis es por la burbuja financiera, no la inmobiliaria. Continua la guerra del banano.
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El Dr. Jesús Huerta de Soto, economista de la escuela austríaca y catedrático de economía política en la Universidad Rey Juan Carlos, explica en una entrevista otorgada a la AEMP, las consecuencias que tendria la salida de Grecia del Euro.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch AG, and James Turk, Director of the GoldMoney Foundation, talk about the unsustainable level of US government debt. They discuss the possible combinations of growth, taxes, austerity and inflation necessary to reduce the debt burden.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch, and James Turk, Director of the GoldMoney Foundation, talk about whether Greece can leave the euro. Philipp explains that there is no doubt that Greece is bankrupt. He talks of a 75% haircut on Greek debt and also expects strong opposition to austerity from Greek public opinion. He talks of the danger of bank runs in Portugal and other countries. Portugal, Greece and Ireland could still be contained and even leave the euro without destroying it.
This interview was recorded on October 1st 2011 in Vienna.
Watch the full 29-minute video at *******www.goldmoney****/vorndran-turk-interview. Philipp Vorndran, of Flossbach & von Storch, and James Turk, Director of the GoldMoney Foundation, talk about stocks. Philipp explains that dividends and cash flow has to be analysed together with risk, sustainability of earnings and risk. They also talk about the Eurozone’s new bailout fund and whether it will be enough to save the euro. Philipp explains the difference between the EFSF and the ESM and the process for their approval. He explains that the size of the EFSF is enough to rescue small countries like Greece or Ireland, but too small to deal with problems in Italy or Spain.