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Brazil will help ease Europe’s debt crisis in exchange for more power in IMF

Brazil said that developing nations would provide more money to ease the Europe's debt crisis, in return for more say within the International Monetary Fund.

Brazil 2012 20 02 Enlarge
Brazilian Minister of Finance Guido Mantega speaks during a press conference in Brasilia on February 15, 2012. (EVARISTO SA/AFP/Getty Images)

Brazil said that developing nations would be willing to provide more money to Europe to ease the debt crisis, in exchange for more power within the International Monetary Fund, the BBC reported.

Brazilian Finance Minister Guido Mantega made the comments at this weekend's G20 meeting in Mexico City and called on eurozone countries to contribute more of their own funds.

This position was echoed by UK Chancellor George Osborne.

Mantega said "Emerging countries will only help under two conditions; first that they strengthen their firewall and second for the IMF [voting rights] reform be implemented."

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Brazil’s finance minister has strongly questioned whether some European Union countries should remain in the region’s single currency.

In an interview with the Financial Times, Mantega suggested that the euro was not appropriate for all of its current members, and some should probably exit after the crisis is resolved.

“I don’t know if all the members of the European Union really fit in the European Union…it has to be rethought after we overcome today’s economic problems,” he said. “Then it is possible that some of the countries should exit because it would be more convenient for them.”

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http://www.globalpost.com/dispatch/news/business-tech/debt-crisis/120226/brazil-will-help-ease-europe-s-debt-crisis-exchange-m