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G20 Pledges Full $500bn Of Imf Funding

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http://www.telegraph.co.uk/finance/finance...MF-funding.html

The G20 has upheld its pledge to provide the International Monetary Fund (IMF) with $500bn (£303bn) of emergency funding in time for the leaders' two-day summit in Pittsburgh which begins at the end of next week.

The target, which was set at the London summit in April, was achieved after the EU increased its initial pledge of about $100bn to $178bn.

The IMF has now received formal commitments for a total of $501bn of funds which could be made available to support countries that are particularly struggling during the financial crisis.

The UK has committed to a total of $26bn, which forms part of the EU's contribution. The US has formally agreed to contribute up to $100bn, saying that it will put in 20pc of the total raised by other countries. Other large contributors include Japan, which has pledged $100bn, and China, which has committed up to $50bn.

"It could be that some of the money may not be called upon, but the fact that it is there enables us to respond if necessary," a spokesman for the IMF said.

It emerged as EU leaders are due to meet this evening in Brussels to prepare a joint stance on issues up for debate at Pittsburgh.

"The G20 should reaffirm its determination to continue implementing co-ordinated policy measures in order to develop the basis for sustainable growth and to avoid a repetition of the present financial crisis," a draft document leaked to Reuters said.

Are we borrowing this money to give to the IMF, which is then loaned out again?

Where the hell is this magic $500bn coming from?

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Where the hell is this magic $500bn coming from?

A wheelbarrow near you?

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It isn't often that an article actually makes me laugh out loud, but this one has.

Yes, we need to borrow more to be able to fund the IMF so we can be bailed out by it.

I am reminded of the Daily Mash picture of Alastair Darling with his fixed expression, and the caption beneath saying; "Seriously, I am this close to just f*cking losing it". I think that must be how they feel when they do this stuff.

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G20 Pledges Full $500bn Of Imf Funding

Could we be misinterpreting this?

pledge_b1g1f.jpg

Edited by Laura

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You need to stand back and look at the whole picture.

The only people with wealth are the prudent savers.

The whole process of printing money, lending it to yourself or to someone else who then lends it back to you is to hide the process by which prudent savers have their money stolen to give to those with debt.

With the money people taking a cut at every level of course.

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