IMF crisis fund swells to $456bn as BRIC nations pledge cash

The International Monetary Fund has amassed a $456bn crisis fund to help save the eurozone from the financial storm currently besieging it.

The IMF said the BRIC nations had made pledges of $95.5bn at the latest G20 summit, helping the IMF surpass their funding target of $430bn announced in April. The money came with a warning that things had to change at the Fund, which has long been dominated by the now troubled economic powers of Europe and the US, which is not contributing despite its huge voting power on the IMF board. While Washington has insisted Europe has enough resources to resolve its problems itself, it is also clear that the deeply divided Congress is in no mood, given the US economic problems, to contribute ...