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China boosts IMF coffers by £27.4bn at G20

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Published on Jun 19, 2012

A meeting of minds or just fake smiles through gritted teeth for the G20 photo opp? Watch as US President Barack Obama skirts around President Vladimir Putin. He doesn't notice though as Francois Hollande - freshly inaugurated as the President of France - shakes his hand. A difficult meeting in Mexico with a mounting list of issues to resolve. And the spectre of the Eurozone crisis still hanging over proceedings. But the President of the EU says world leaders shouldn't rest on their laurels, because it's not just the Europe that's in trouble.

The speculation about whether Spain as a whole might need to be propped up with a bailout from the International Monetary Fund rages on. And until yesterday the IMF wouldn't have been able to bear it. But there are sure to be sighs of relief all round now as extra contributions from the G20 to the IMF means its lending capacity is now $456 billion (around £290 billion).

And China's role in helping to stabilise the volatile international situation was more than acknowledged by a meeting between German Chancellor Angela Merkel and Chinese President Hu Jintao yesterday. He stressed that the two countries should work together to aid global recovery and he said strongly believed that the Eurozone could recover from its current crisis.

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