Eurozone ministers agreed on Monday to boost IMF resources by 150 billion euros to ward off the debt crisis and won support for more money from EU allies, but it was unclear if the bloc would reach its 200 billion euro target after Britain bowed out.
Following a three-hour conference call, European Union finance ministers said currency zone outsiders the Czech Republic, Denmark, Poland and Sweden would also grant loans to the International Monetary Fund to help save the 17-nation zone.
But the EU said those lenders must first win parliamentary approval, while Britain made it clear it would not participate in the plan.
That leaves the eurozone more reliant than ever on major economies such China and on Russia, which has shown willingness to lend more to the IMF. The United States for its part is concerned about the lender's exposure to the euro zone.
Ministers had set an informal deadline of Monday to arrive at the 200 billion figure, which was agreed by EU leaders at a summit on December 8-9. and urged other nations to take part.
"Euro area member states will provide 150 billion euros of additional resources through bilateral loans to the fund's general resources account," the EU finance ministers said in a joint statement after their call.
"The EU would welcome G20 members and other financially strong IMF members to support the efforts to safeguard global financial stability by contributing to the increase in IMF resources," the statement said.
British Treasury sources said Britain had decided not to contribute to an increase IMF resources. "We were clear that we would not be making a contribution," one Treasury source said, while another added that there was "no agreement on the 200 billion" euro funding boost.
The EU was more diplomatic, however, saying in its statement that London would take a decision on the issue early in the new year in the framework of the Group of 20 economies.
The increase in IMF resources is seen as one pillar in a multi-pronged strategy to strengthen the euro zone's fire-fighting capability and build better defenses for the future. Another pillar is making the euro zone's existing bailout fund, the EFSF, more flexible in how it tackles the debt debacle.
Following a three-hour conference call, European Union finance ministers said currency zone outsiders the Czech Republic, Denmark, Poland and Sweden would also grant loans to the International Monetary Fund to help save the 17-nation zone.
But the EU said those lenders must first win parliamentary approval, while Britain made it clear it would not participate in the plan.
That leaves the eurozone more reliant than ever on major economies such China and on Russia, which has shown willingness to lend more to the IMF. The United States for its part is concerned about the lender's exposure to the euro zone.
Ministers had set an informal deadline of Monday to arrive at the 200 billion figure, which was agreed by EU leaders at a summit on December 8-9. and urged other nations to take part.
"Euro area member states will provide 150 billion euros of additional resources through bilateral loans to the fund's general resources account," the EU finance ministers said in a joint statement after their call.
"The EU would welcome G20 members and other financially strong IMF members to support the efforts to safeguard global financial stability by contributing to the increase in IMF resources," the statement said.
British Treasury sources said Britain had decided not to contribute to an increase IMF resources. "We were clear that we would not be making a contribution," one Treasury source said, while another added that there was "no agreement on the 200 billion" euro funding boost.
The EU was more diplomatic, however, saying in its statement that London would take a decision on the issue early in the new year in the framework of the Group of 20 economies.
The increase in IMF resources is seen as one pillar in a multi-pronged strategy to strengthen the euro zone's fire-fighting capability and build better defenses for the future. Another pillar is making the euro zone's existing bailout fund, the EFSF, more flexible in how it tackles the debt debacle.
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