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Japan ready to help Europe through IMF: report

20 january 2012, 13:27
©REUTERS/Steve Marcus
©REUTERS/Steve Marcus
Japan said Thursday it was ready to answer an International Monetary Fund call for extra cash to help Europe steer a course through its sovereign debt crisis, AFP reports, citing a report.

"Japan is prepared to support European efforts to stabilise the market, including through lending to the IMF, based on strong efforts by European countries," Dow Jones Newswires quoted an unnamed senior government official as saying.

Tokyo would do so in collaboration with other G20 advanced and emerging economies, the official reportedly said.

However, the United States, the IMF's biggest stakeholder, has so far ruled out writing any more cheques.

No one from Japan's finance ministry was immediately available to comment on the report.

The IMF said Wednesday it needs up to $500 billion in extra cash to mitigate the risk to the global economy of the growing European debt crisis.

With several European countries veering towards recession and Greece on the brink of default, the IMF said it lacks the resources to be the planet's lender of last resort.

The fund said the extra $500 billion includes the recent European commitment to add about $200 billion to its resources.

Japan has been a regular buyer of debt issued by the European Financial Stability Facility bailout fund since last year.

The issue of boosting the IMF's firepower is likely to be high on the agenda of a G20 finance chiefs' meeting on February 25-26 in Mexico, which holds the group's presidency this year.

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