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Eurozone crisis: UK 'preparing to give more to IMF' Eurozone crisis: UK 'preparing to give more to IMF'
(about 1 hour later)
  
The government is preparing to give more money to the International Monetary Fund to help struggling nations, including eurozone states.The government is preparing to give more money to the International Monetary Fund to help struggling nations, including eurozone states.
BBC political editor Nick Robinson says such a move could mean debt-ridden nations like Greece, Italy or Spain are indirectly helped by British taxpayers.BBC political editor Nick Robinson says such a move could mean debt-ridden nations like Greece, Italy or Spain are indirectly helped by British taxpayers.
Prime Minister David Cameron is to meet G20 leaders in France to discuss the deepening debt crisis in the eurozone.Prime Minister David Cameron is to meet G20 leaders in France to discuss the deepening debt crisis in the eurozone.
He has ruled out direct contributions to the eurozone bail-out fund.He has ruled out direct contributions to the eurozone bail-out fund.
Conservative backbench MP Peter Bone has tabled an urgent question on the eurozone at 1130 GMT - a way of asking a Treasury minister to come to the Commons to make a statement at short notice.
The UK currently provides £29bn ($46bn) of the IMF's £600bn ($950bn) lending capacity.The UK currently provides £29bn ($46bn) of the IMF's £600bn ($950bn) lending capacity.
About £4.9bn of UK money is held in the IMF's fund but it could draw down up to £29.4bn from the Treasury in certain circumstances.About £4.9bn of UK money is held in the IMF's fund but it could draw down up to £29.4bn from the Treasury in certain circumstances.
Last week UK Chancellor George Osborne told MPs there may be a case for further increasing the budget of the IMF to keep pace with the size of the global economy.Last week UK Chancellor George Osborne told MPs there may be a case for further increasing the budget of the IMF to keep pace with the size of the global economy.
But he said: "Let me be very clear, we are only prepared to see an increase in the resources the IMF makes available to all countries of the world.But he said: "Let me be very clear, we are only prepared to see an increase in the resources the IMF makes available to all countries of the world.
"We would not be prepared to see IMF resources reserved only for the eurozone.""We would not be prepared to see IMF resources reserved only for the eurozone."
But Nick Robinson said those struggling countries around the world "might of course just include a few in the eurozone getting money in effect from the British taxpayer".But Nick Robinson said those struggling countries around the world "might of course just include a few in the eurozone getting money in effect from the British taxpayer".
He said the government now believed there were only three ways out of the eurozone crisis - that the deal agreed last week gets back on track, despite the surprise announcement about a Greek referendum, that Greece leaves the euro or that IMF funding be boosted for struggling eurozone countries.He said the government now believed there were only three ways out of the eurozone crisis - that the deal agreed last week gets back on track, despite the surprise announcement about a Greek referendum, that Greece leaves the euro or that IMF funding be boosted for struggling eurozone countries.
The government points out that no country has ever lost money loaned to the IMF.The government points out that no country has ever lost money loaned to the IMF.
Meanwhile, French president Nicolas Sarkozy and German chancellor Angela Merkel have warned that the next 8bn euro (£7bn) of rescue loans for Greece will be withheld until after a bailout referendum, expected in early December.Meanwhile, French president Nicolas Sarkozy and German chancellor Angela Merkel have warned that the next 8bn euro (£7bn) of rescue loans for Greece will be withheld until after a bailout referendum, expected in early December.
The two leaders held talks on Wednesday evening with Greek prime minister George Papandreou to press him to end uncertainty about his country's future in the single currency.The two leaders held talks on Wednesday evening with Greek prime minister George Papandreou to press him to end uncertainty about his country's future in the single currency.
Last week Mr Papandreou announced a surprise referendum on the rescue package drawn up for Greece, indicating its referendum question would focus on whether or not to stay in the eurozone.Last week Mr Papandreou announced a surprise referendum on the rescue package drawn up for Greece, indicating its referendum question would focus on whether or not to stay in the eurozone.
Mr Sarkozy hopes to use the summit in Cannes to persuade cash-rich exporter nations like China to contribute to a one trillion euro (£870bn) European stability fund.Mr Sarkozy hopes to use the summit in Cannes to persuade cash-rich exporter nations like China to contribute to a one trillion euro (£870bn) European stability fund.
On Wednesday, Mr Cameron told MPs that securing a eurozone deal was "urgent" for the global economy.On Wednesday, Mr Cameron told MPs that securing a eurozone deal was "urgent" for the global economy.
"It has become even more urgent to put meat on the bones of this plan to show that we're removing one of the key obstacles to global growth, which is the failure to agree a proper plan to deal with problems in the eurozone," he said."It has become even more urgent to put meat on the bones of this plan to show that we're removing one of the key obstacles to global growth, which is the failure to agree a proper plan to deal with problems in the eurozone," he said.
Labour leader Ed Miliband said: "As we saw in 2008, a global economic crisis can only be addressed by global economic leadership. There has been precious little of that in evidence in the past 18 months.Labour leader Ed Miliband said: "As we saw in 2008, a global economic crisis can only be addressed by global economic leadership. There has been precious little of that in evidence in the past 18 months.
"Now is the time to turn the corner. To set out a plan that addresses the reality of faltering growth and rising unemployment - a plan that faces up to the G20 leaders' first responsibility: the responsibility to lead.""Now is the time to turn the corner. To set out a plan that addresses the reality of faltering growth and rising unemployment - a plan that faces up to the G20 leaders' first responsibility: the responsibility to lead."