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1、TheG20outcomeisbetterthannothing,butcantheIMFsavetheworld?WHENaninfamoussummitofworldpowersinLondonendedin1933,suchwasthemoodofprotectionistacrimonythatmanyargueditwouldhavebeenbetterifthemeetinghadnotbeenheldatall.AttimesintherunuptotheG20gatheringofworldleadersi
2、nLondononThursdayApril2nditlookedasifhistorymightberepeated.Buttheleadershaveshownsomegrit,andsomeingenuityinfindingmoneywhenlittleisabout.Manyholescanbepickedintheirpledgestoreflatetheworldeconomyandre-regulateglobalfinance.But,attheveryleast,itwasbetterthattheym
3、etthannot.Thecenterpieceoftheleaders’planis,conveniently,theIMF,whichtheybelievecanaddanextra$1trillioninfundingtotheworldeconomywithouttheriskofballooningnationalbudgets,orobstructionfromnationalpoliticians.ThatfinancialconjuringtrickgetstheG20outofabind.GordonBr
4、own,theBritishprimeminister,hasmademuchof$5trillioninpublicspendingthatgovernmentsaroundtheworldhavepromisedtohelpshunttheireconomiesoutofrecessionin2009-10.ButbigspenderssuchasAmericaandBritainareupagainsttheirlimitsandfiscalhawkssuchasGermanyarestubbornlyconvinc
5、edtheyhavedoneenough.ThatleavestheIMFaspump-primeroflastresort,althoughnotallofthefundingpromisesmadeonThursdaywerenew.JapanandtheEuropeanUnionhadalreadyagreedtoput$100billioneachintotheIMF’skitty.RichcountriessuchasAmericawillprovidea$500billioncreditline,knownas
6、NewArrangementstoBorrow.Thiswastrailedseveralweeksago.Significantly,theIMFwillprint$250billionofitsowncurrency,knownasspecialdrawingrights,allocatingsumstoitsmembersaccordingtotheirquotas.Itisnotclearwhetherthiscanberedirectedfromrichcountriestopoorones.Thisfloodo
7、fextraresources,plusanenhancedoversightroletheG20hasgiventothefund,willbeahugeturnaroundforaninstitutionwhoserelevancehadslumpedintheboomyears.Nowthenewmoneymustbedirectedtodevelopingcountries,especiallyineasternEurope.Manysuchcountrieshavebeenlothtotapthefundbeca
8、useofthestigmainvolved.ApledgebytheG20toreformthefund’sgovernancesoonmayconvincethemthattheleopardhaschangeditsspots.ThisweekMexicosecureda$47billioncre
