Over the weekend some of the world’s biggest economies worked on a second global rescue package worth nearly $2 trillion. This package will attempt to stop the euro zone debt crisis from affecting the global economy. The G20 says the package will strengthen Europe’s bailout fund. The IMF would then use the money as it sees fit to handle anymore European crisis. The Group of 20 countries are working on this package to convince the financial markets that the European debt crisis can and will be solved.
Many of the G20 members want to see a clear commitment from the euro-zone. British finance minister George Osborn said, “We are prepared to consider IMF resources but only once we see the color of the euro-zone money, and we have not seen the color of the euro-zone money,” in an interview with Sky TV. “I think that quid pro quo will be clearly established here in Mexico City.” [Read more...]