Group Of 20 Finance Ministers Will Identify New Euro Zone Assistance Programs

October 16th, 20 countries

The statement issued by the finance ministers of the group of 20 at the end of the conference, mainly put pressure on Europe, urged them to act boldly within 8 days to solve the sovereign debt crisis in the eurozone, which has dragged down the world economy.

Although the specific plan will be announced next week, some core details have been confirmed.

The consensus of the finance ministers is that IMF should find new ways to provide short-term liquidity to countries facing systemic attacks.

IMF will announce the details at the group of 20 summit.

More specific details show that the total plate of EFSF will be raised from 440 billion euros to about 2 trillion euros, and 100 billion to 200 billion euros will be provided to help euro zone banks again.

At the same time, the group of 20 finance ministers also discussed how to further enhance the competitiveness of some weak economies, and the finance ministers also pushed ahead with long-term plans to enhance their economic management capabilities in the euro area.

Britain's commitment to the IMF is the highest of 20 billion dollars, and promises to support euro area by 10 billion pounds; Germany and France are pushing a trillions of dollars.

In view of the Greek debt crisis, Germany and France have unified a 2 trillion to 3 trillion aid plan at the finance ministers' meeting. They hope that the plan can be approved by Member States next week and be announced at the summit of the group of 20 in Cannes.

British Prime Minister Osborn revealed that "7 days later, the results will be announced, and some of the details will be very inspiring."

The British and American governments have indicated that the IMF's unconditional assistance should not be a substitute for the overall European aid plan.

At the same time, the statement issued after the meeting also showed that the meeting adopted a complex set of measures to increase the proportion of the large banks' own capital, in order to limit the risk of the collapse of the world's big banks.