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...being thrust upon it. The huge boost to its reserves exists on paper, but it's not yet clear where all that money will come from. Japan has pledged $100 billion. Gordon Brown, the British Prime Minister who hosted the G-20 summit, said the European Union would put up $100 billion and that China would provide $40 billion. But Chinese officials wouldn't confirm that amount - and even if the money is forthcoming, it still leaves $260 billion unaccounted for. At a time when governments are financially overstretched, that's no small sum. Moreover, the thorny issues involved...
...reflects its performance over the past few months under Strauss-Kahn, a former French finance minister who made an unsuccessful bid for the French presidency before being appointed to the job. Since the U.S. investment bank Lehman Brothers collapsed in September 2008, the IMF has lifted its game and put together rescue packages totaling more than $50 billion for Hungary, Iceland, Latvia, Ukraine and other financially overstretched countries...
...Davos World Economic Forum, for countries to spend their way out of this crisis, it so surprised his audience, who were more used to traditional IMF calls for austerity, that Larry Summers, now a top U.S. economic official, described it as a "historic moment." More recently, Strauss-Kahn has put public pressure on European governments to increase the size of their economic-stimulus packages, and has criticized the U.S. for not tackling more forthrightly the toxic assets still on the balance sheets of many banks...
...stage than its founders intended at the Bretton Woods conference in 1944. Back then, the resources allocated to the IMF amounted to more than half of the world's current account payments. Today, its resources amount to about 3%, according to Buira. Still, if the G-20 intentions are put into practice and the IMF does take on a more active - and more accepted - role as a stabilizing force in the world economy, it will be much closer to the original vision of its role as outlined in the 1940s by John Maynard Keynes, who helped to found...
...team now awaits a decision from the Collegiate Water Polo Association to find out whether it will play in the Eastern Championship, which will be hosted at Blodgett Pool this weekend. “We went to the championships with the intention of winning the division but we put ourselves in too many tight situations,” Harvard coach Erik Farrar said. “We have to take these lessons...it was a new experience for a lot of people.” HARVARD 20, UTICA 2The team exploded against Utica College (2-12, 0-8), scoring evenly...