International Monetary Fund (IMF) Managing Director Christine Lagarde, seen here on April 12, said that she is hoping to make “real progress” at this week’s meetings. Joshua Roberts/Bloomberg
Euro Area Seeks Bigger IMF War Chest on Spanish Concerns -- Bloomberg
European officials travel to Washington this week seeking a bigger global war chest to combat the debt crisis as Spain’s government battles to quell renewed market turmoil over its finances.
Three weeks after European leaders unveiled emergency euro- area funding exceeding the symbolic $1 trillion mark, concerns about Spain’s position have ratcheted the nation’s borrowing costs to the highest levels this year. Crisis-fighting resources will dominate talks at the International Monetary Fund’s spring meeting in Washington from April 20-22.
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My Comment: Countries like Spain have such a massive debt obligation over their heads that it will be next to impossible for them to pay it off. But to keep the crisis from happening and escalating NOW .... Europe is trying its best to postpone and minimize this inevitable debt catastrophe.
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