IMF's Bid for Funds Just Part of Europe's Struggle

When the International Monetary Fund meets this weekend, its top goal will be as simple as it is difficult: Get member nations to pledge many more billions in aid — in case the IMF needs to rescue more European economies.

Yet even success would hardly inspire confidence in Europe's economy. It is, by all accounts, already in recession. And slowing economies elsewhere — from China to Brazil to India — may reduce the exports the continent needs to grow. European nations need faster growth to help lighten their debt loads.

All that is out of the IMF's control — whether or not it receives pledges of further aid this weekend.

"The extra IMF resources will serve as a backstop that will provide reassurance to financial markets," said David Wyss, former chief economist at Standard & Poor's. "But it doesn't address the issue of how you get growth started in countries that are in deep recessions."

Read Full Article from ABC News

- Posted: 2012-04-20 11:18:14

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