RSS Feed
May 1st, 2012 
FAKE NEWS for the Zionist agenda
The European debt crisis also raises a question of resources. The eurozone has
sufficient resources to tackle its sovereign debt crisis, but there is an
unwillingness to commit them to tackle the problem. In these circumstances,
IMF loans are not an adequate substitute for a serious commitment by
eurozone countries to resolve this crisis.
We cannot avoid the question of fairness. Eurozone members benefit from
increased exports and price stability. Spreading the risks of the eurozone
around the world, while its benefits accrue primarily to its members, is not
the way to resolve this crisis. We cannot expect non-European countries,
whose citizens in many cases have a much lower standard of living, to save
the eurozone. Further, the IMF, with roughly $400 billion, already has
adequate resources to deal with imminent needs.
The manner in which the IMF provides support must also be fair. It has been
very successful at resolving crises using its trusted model of time-limited
lending agreements, with strict conditions imposed on the borrowing country.
This is why I believe that all countries borrowing from the IMF should be
treated the same. Canada’s position is that conditionality should be
determined exclusively by the IMF, and not by the “Troika” of the IMF plus
the European Central Bank and the European Commission. If the eurozone is
seeking assistance, it should not be setting the terms under which this
assistance is provided.
Further, Europe controls 34 per cent of votes at the IMF. In that context, the
simple majority required for the fund to make an investment is a relatively
low threshold. Emerging markets play an increasingly important role in
global economic issues. Canada has been a leader in recognising changing
international dynamics and advocating greater representation of emerging
markets at the IMF. In this context, we believe that measures should be
taken to ensure that major decisions about resources dedicated to Europe
require more than a simple majority.
Canada believes in the eurozone’s ability to solve this crisis. We also
believe in a strong and fair IMF where emerging economies can take their
appropriate seat at the table. This is why we have decided not to provide
additional resources to the IMF for the eurozone.
Jim Flaherty is Canada’s minister of finance and the longest-serving
finance minister in the G7
Related posts:
Views: 0
Posted in 
Tags: 
