16 Nations To Default

IMF seeks $500-billion to double lending capacity

Globe and Mail Update
February 26, 2009 at 11:53 AM EST

The International Monetary Fund says the financial crisis could push as many as 16 nations into default, and that it will need to double its lending capacity to mount an appropriate response.

In a 31-page report released today in Washington, the fund argues that it will need the equivalent of about $500-billion (U.S.) to prop up governments that have been crushed by the collapse of the global economy.

The report specifically noted that there's a high likelihood that more nations in Eastern Europe will come to the IMF for help

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