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European leaders announce increased funding for IMF

In a sign of the times European leaders gathered in Berlin have tonight issued a statement suggesting that an extra $500 billion will be made available to the International Monetary Fund (IMF) in a bid to refloat a number of ailing European economies. While the likes of the UK, Germany and France for example are going through a very difficult period, many of the newer members of the EU such as the former Communist bloc countries are in serious danger of collapse.

Many people had suggested that the expansion of the EU was going ahead at a pace which would inevitably lead to funding issues. The extra $500 billion is a sizeable chunk of money and it is hoped it will be used in a sensible manner to refloat and replenish the major European economies before the smaller newer members of the EU. There is no suggestion as to how the $500 billion increase would be funded but no doubt countries such as the UK will need to input a sizeable percentage of the money as when required.

In many ways it is very ironic because the UK government has been fighting off claims of possible IMF intervention with regards to the ever worsening UK economic situation.

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