Australia contributes €5.5 billion to Europe bailout fund.
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Australia contributes €5.5 billion to Europe bailout fund.

George : WA : USA | Apr 20, 2012 at 11:17 PM PDT
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GLOBAL GOVANANCE Eurozone asks IMF for help ,baby steps to

Australia has join the nations contributing to the International Monetary Fund's (IMF) an initiative plan to protect against further financial deterioration in Europe.

Over the night an IMF official said to have raised more than € 417 billion in an effort to assure finance markets that it has sufficient firepower to handle any new problems from Europe's prolonged debt crisis.

The Australia Treasurer Wayne Swan confirm that his country would contribute €5.5 billion to this project.

'' the investment will increase the lending capacity of the IMF and enable it to play its role systemics for the benefit of all members,'' this he said.

Meanwhile other countries are contributing to the same fund including Singapore who paid €3 billion, South Korea donated €15 billion and the United Kingdom also give €15 billion to the bailout fund.

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Lagarde, Managing Director of the International Monetary Fund (IMF), attends a news conference at a meeting of finance ministers and central bankers from the Group of 20 top economies in Mexico City
Lagarde, Managing Director of the International Monetary Fund (IMF), attends a news conference at a meeting of finance ministers and central bankers from the Group of 20 top economies in Mexico City
Adebanjos is based in Seevetal, Niedersachsen, Germany, and is a Reporter for Allvoices.
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