IMF Asks for $500 Billion

The International Monetary Fund asked for a $500 billion lifeline Wednesday to help pull Europe back from the brink of a debt crisis that could have global repercussions. “Based on the staff’s estimate of global potential financing needs of about $1 trillion in the coming years, the Fund would aim to raise up to $500 billion in additional lending resources,” the IMF said in a statement. There has been speculation that the IMF, the last-ditch lender for world powers, will look to the emerging powers of Brazil, Russia, India, and China for relief.