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Charles Platiau/AP

G20 finance ministers open door for larger IMF role in fighting crisis

Ministers from the world’s 20 major economies invite the IMF to come up with a plan of action for fighting the debt crisis.

THE FINANCE MINISTERS of the world’s 20 largest economies have ended a summit in Paris with an invite to the International Monetary Fund to do more to solve the European debt crisis.

The communique issued by the leaders at the end of their Parisian meeting invited the IMF to come up with a new list of tactics which could be used if the crisis spreads beyond the three countries already bailed out.

The invitation is essentially an appeal for the IMF to become a more active player in the fight to keep Italian and Spanish borrowing costs within reasonable limits.

IMF managing director Christine Lagarde told reporters that her fund had been asked to come up with “instruments that are more flexible, more short term, that allow countries in good economic health but in difficulty, to resist.”

The admission from Lagarde that the invitation would be given clear consideration marks the first time that the fund is apparently accepting a greater role in fighting the European crisis.

It remained unclear, however, as to whether the invitation for a greater IMF role was universally agreed upon – with the United States’ treasury secretary Timothy Geithner being openly  opposed to that prospect.

Barack Obama and Germany’s chancellor Angela Merkel had earlier spoken by telephone to discuss options for containing the crisis, where it is thought that Obama underlined the risks posed to the US if the problems cannot be contained within Europe.

White House spokesman Jay Carney said the two had “agreed to stay in close contact” after the phone call, ahead of the summit of G20 heads of state taking place next month, which will now discuss the proposals put forward by the finance ministers.

Merkel followed the phone-call with a statement where she said there was ‘no quick solution’ to the crisis.

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    Mute phantom duck Nibbler
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    Mar 8th 2012, 12:26 PM

    Hopefully well be lucky

    43
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    Mute Yvie M
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    Mar 8th 2012, 12:40 PM

    We’re usually covered by a lovely heavy blanket of cloud when there’s celestial doings a transpiring. Hopefully it’ll clear and we can witness it.

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    Mute jimbo
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    Mar 8th 2012, 12:45 PM

    Again! But there is always clouds

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    Mute Tom McDermott
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    Mar 8th 2012, 3:02 PM

    am flying into dublin at 10 tonight so i might get a glimps of something. Window seat on the right side of the plane please miss aerlingus person

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    Mute Begrudgy
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    Mar 8th 2012, 12:52 PM

    Nice blue skies in the south west at moment. Hopefully it will stay that way.

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    Mute Seán Cafferkey
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    Mar 8th 2012, 3:05 PM

    Cloudy in the North West. Hopefully it’ll clear up by tonight

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    Mute Michael Hayes
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    Mar 8th 2012, 5:07 PM

    Skies clearing in the east

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    Mute Tom McDermott
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    Mar 8th 2012, 6:25 PM

    Lord divine jaysus! The other right miss aerlingus woman.. sick!

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    Mute Tom McDermott
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    Mar 8th 2012, 11:47 PM

    Ended up getting into a seat on the right of the plane flying over the Irish sea at 9.30pm at 36,000 feet. Could just about see the north star but unfortunatly no northern lights. I give up!

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    Mute Emsy wemsy
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    Mar 8th 2012, 11:16 PM

    I’m lookin,but I ain’t seein!!!

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