IMF Seeks to Raise Lending Power by Up to $500 Billion Amid Europe Crisis
January 19th, 2012Via: Bloomberg:
The International Monetary Fund is proposing to raise its lending capacity by as much as $500 billion to insulate the global economy against any worsening of Europe’s debt crisis.
The Washington-based lender is aiming to increase its resources after identifying a potential need for $1 trillion in financing in coming years, an IMF spokesman said in a statement. The IMF is studying options and will not comment further until it has consulted its members, the fund said. To incorporate a cash buffer, the lender is seeking a total $600 billion.
Everytime I read news items like these, I can hear the strains of Elvis’ smooth baritone powering through a rather famous chorus:
“…Viva Las Vegas…
…Viva Las Vegas…”
Personally, I’m hip to Billy Gibbons’ ZZ Top version with mighty heaps of high-octane fuzz-tone guitar, but the point remains the same.
They might as well be selling raffle tickets with “win a free turkey!” printed across the top.