australia to contribute up to $500bn to imf

IMF chief Christine Lagarde told an audience in Berlin $1 trillion would be needed to support ailing governments - half of which would have to come from fund backers such as Australia.

Treasurer Wayne Swan backed Ms Lagarde, saying that without "larger firewalls" to protect embattled European nations, the global economy was at risk. But shadow treasurer Joe Hockey questioned whether such payments were in Australia's national interest.

Read more: http://www.theage.com.au/national/imf-may-ask-australia-to-contribute-to-1000bn-pool-20120124-1qfry.html#ixzz1kUIUUdb1