The International Monetary Fund (IMF) says it will seek to raise up to $500 billion as the European debt crisis threatens the global economy.
The IMF statement says that "based on 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 the $500 billion total includes the recent European commitment to add about $200 billion to its resources.
The IMF statement came after press reports of sources saying the fund would seek to raise as much as $600 billion.
Shortly after the IMF issued the statement, the United States reiterated that it would not take part in the raise efforts.
compiled from agency reports