Brazil: Emerging economies want IMF reform to help Europe

By REUTERS
February 26, 2012 01:54

 
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MEXICO CITY - Emerging market economies will give more money to help ease Europe's debt crisis only if they are given more power within the IMF and if Europe first puts up more cash itself, Brazil's finance minister said on Saturday.

Guido Mantega said there was a consensus among the Group of 20 major world economies that Europe has to do more to fix its own debt problems before other countries give extra funds to an International Monetary Fund war-chest to help countries strapped for cash.

"Emerging countries will only help under two conditions; first that they strengthen their firewall and second for the IMF (quota) reform be implemented," Mantega told reporters.

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