Communique from the G20

As I see it, this constitutes most of the meat in the sandwich:

The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.

So, for now, there should be enough in the tank to lend Mr Cowan and Mr Lenihan when last September’s guarantee for the Irish banks gets called in…


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