Who needs Gitner and his IMF ? - Mercedes-Benz Forum

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post #1 of 2 (permalink) Old 05-03-2009, 06:45 PM Thread Starter
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Who needs Gitner and his IMF ?


BALI, Indonesia -- Ministers from across Asia agreed to set up an emergency $120 billion liquidity fund that 13 Asian nations can tap to help counter the global financial crisis.

At the Asian Development Bank's annual meeting here, finance officials also said Asian governments must spend more on social safety nets and reduce their reliance on export-driven growth, as they grapple with the economic meltdown.

Japan, South Korea and China on Sunday agreed with the Association of Southeast Asian Nations, or Asean, on most aspects of the liquidity fund, called the Chiang Mai Initiative, including country contributions, borrowing accessibility and surveillance mechanisms.

The initiative aims to create a network of bilateral currency-swap arrangements among Asean and the three East Asian countries. Asean includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Japan, South Korea and China will provide 80% of the $120 billion currency pool and Asean members the remaining 20%. Japan will contribute $38.4 billion, while China, including Hong Kong, will also offer $38.4 billion. South Korea will provide $19.2 billion.
Asian Nations Unveil $120 Billion Liquidity Fund - WSJ.com
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post #2 of 2 (permalink) Old 05-03-2009, 07:11 PM
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The whole world does! I would suggest that you send in an application for a brain stimulus.
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