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G20 looks for IMF involvement in EU debt crisis

Published by Steve Coleman on October 17, 2011

The world's richest countries have asked the International Monetary Fund to play a larger role in helping European Union countries deal with their growing debt problems.

Group of 20 financial chiefs last week asked the IMF to propose possible solutions to help keep market pressure from turning the EU's money problems into a wider global crisis.

News reports say the measures appear to be aimed at Italy and Spain, the third- and fourth-largest eurozone economies, to keep their financial problems from becoming worse. The IMF has already helped Greece, Ireland and Portugal with one-third funding to keep their houses in order.

Relief could come in the form of "short-term liquidity instruments available to... the 'non-consenting' victims of the economic crisis."

The credit lines could help countries in need recapitalize their banks and give investors a guarantee they'll be able to get their money back.

While the IMF is being encouraged to get involved, G20 finance ministers still say it's up to the EU to try and find their own solution to their current financial mess.

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