http://aol.theglobeandmail.com/servl...G20ECON0608ATLRefusal to join bailout leaves Canada, U.S. as only countries in G20 not committed to IMF fund
Germany is expressing its irritation with Canada for refusing to contribute to an international bailout fund as Prime Minister Stephen Harper faces increased pressure from the G20 to show "solidarity" with countries tackling Europe's financial crisis.
Canada is on track to be one of two G20 nations not offering a specific amount to the International Monetary Fund as it tries to raise at least $430-billion to draw on in case any members need a financial rescue.
Almost all G20 members - with the exception of Canada and the United States - have said they will announce specific pledges in Los Cabos, and some amounts have been reported already. Japan, for instance, is expected to offer $60-billion, Saudi Arabia $15-billion and Australia $7-billion.
Germany, the strongest economy in the EU, is expressing concern over Canada's repeated assertions that its taxpayers should not "bail out" Europe.
In an interview with The Globe and Mail, Germany's ambassador to Canada, Georg Witschel, said Canada should realize that the entire global economy will be at risk if the European economy falters.
So are we risking the global economy by not contributing?