EU: Euro rises as IMF boosts crisis funds
IMF announced it had topped its target for its ‘global firewall’.
Afp
April 22, 2012
Less than a minute read
NEW YORK:
The euro rose on Friday, as the International Monetary Fund (IMF) said members had kicked up $430 billion for new crisis intervention funding. Also contributing was a strong business confidence data report from Germany. The currency got a boost early in the day when the Ifo economic institute said its closely watched business climate index edged fractionally higher to 109.9 points in April, from 109.8 points in March, defying analysts’ expectations for a decline. “The German economy is proving resilient,” said Ifo president Hans-Werner Sinn. Later, the IMF announced it had topped its target for its ‘global firewall’, which is aimed at helping protect countries from the contagion effect of financial crises erupting elsewhere. With Spain and Italy the current worries of the global financial system, new backstop funding was seen as a positive for the eurozone.
Published in The Express Tribune, April 22nd, 2012.
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