Breaking News, World News and Taiwan News.

Updated Thursday, December 15, 2011 0:30 am TWN, By Krista Hughes, Reuters

Sponsors
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.

Mexico's Calderon claims G-20 to push for increased IMF resources

MEXICO CITY--The Group of 20 (G-20) of the world's heavyweight economies will push to increase resources for the International Monetary Fund, Mexican President Felipe Calderon said on Tuesday as Mexico assumes the G-20 leadership.

“The G-20 (must) contribute to designing mechanisms to increase the Fund's resources in the short term so that it can attend to the most pressing needs of the current crisis,” Calderon said in a speech to kick off Mexico's G-20 role.

One of Mexico's first tasks will likely be to broker a deal for increased IMF resources so it can be better positioned to provide more support to Europe.

European policymakers agreed on Friday to lend up to 200 billion euros to the IMF. Brazil and other major emerging economies have also said they are willing to boost their contributions.

Details on how the mechanism would work, the funding split between lenders and any conditions to be demanded in return have yet to be thrashed out.

Calderon said separately that Europe must take strong steps to put its public finances in order.

“It's crucial that developed economies — particularly Europe, but also the United States — assume their responsibilities, that they take clear and strong decisions to balance their public finances,” Calderon said.

Subscribe to The China Post and save 25%. Click here