Brazil will not contribute to EU bailout fund: Rousseff

4th November 2011, Comments 0 comments

Brazil will not contribute to a European rescue fund, although it is open to boosting the International Monetary Fund's resources to deal with the debt crisis, President Dilma Rousseff said Friday.

"I have no intention at all to make direct contributions" to the European Financial Stability Facility, a rescue fund of 440 billion euros ($604 billion) which the EU is hoping to boost to 1.0 trillion euros.

"Why should we do it if they (the Europeans) are doing it?" she asked.

Rousseff signaled, however, that Brazil was ready to contribute more to the IMF, an institution which offers guarantees on the funds from its reserves and the "sweat of the Brazilian people."

Rousseff also claimed that all five emerging giants -- Brazil, Russia, India, China and South Africa, the so-called BRICS -- agree on that point.

She noted in particular that China has indicated that it prefers to contribute to a bailout of the eurozone "through the IMF and not directly."

© 2011 AFP

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