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Chancellor backs move to boost IMF bailout fund, provided an agreement to stabilize the euro area can reach

UK taxpayers can find more money to support the euro in the crisis after George Osborne, has supported a measure to increase the size of the global rescue fund to bail out the indebted countries of Europe .

Minister of Foreign Affairs

, speaking at the G20 summit in Paris, said he was willing to consider a plan to increase the firepower of the International Monetary Fund, has provided a bailout was agreed that sovereign debt would take two years to an end the crisis. More money in the bank based in Washington that "there is no substitute," he said, that European leaders hammered the financial package necessary to restore stability in the euro area.

Osborne qualified support for the creation of a global safety net could see the largest in the UK are committed to new IMF loans, but officials said a bailout would likely complete additional requirements. His remarks were designed to support the efforts of Finance Ministers of G-20 to find a definitive solution to the crisis, while soothing the conservative right-wing MPs have expressed concerns about the euro zone additional loans.

His comments came as European leaders continued to dispute the size and shape of the background necessary to save Greece and Italy and Spain to avoid bankruptcy. At the time of make or break could come to a summit of European leaders on Sunday (October 23), when Germany and France have committed to a plan that would end the debt crisis from spreading to other countries, to protect troubled banks in Europe and prevent the global economy into recession.

German Chancellor Angela Merkel, refused to be drawn on whether the packet will reach the "big bazooka" demanded by financial markets. Last week, speculation has been that the ? 440 billion of European Financial Stability Fund (EFSF) adopted by all countries of the area would be expanded to nearly 2 billion ?. The EFSF has the resources to cope with the bailouts of Greece, Portugal and Ireland, but unless extended would be overwhelmed by the need to save a large economy like Italy or Spain.

Netherlands, Finland and Austria joined forces with Germany in calling for private investors, including major European banks and U.S. investment funds, to take further losses on their loans to Greece as part of a package Global Rescue. Investors have so far rejected plans to increase the loss of an agreement of 21% to about 40%, saying that Greece is on track to reduce debt and reduce the burden of its main creditor, European Central Bank.

concern that 20 or 30 European banks would be forced to seek additional capital, probably by taxpayers, has alarmed Brussels, which increases the urgency of finding a way to protect sovereign debt, without destroying the bank balance sheets.

The G-20 delayed a decision on increasing the bailout fund ongoing IMF, which could double in size, with the majority shareholders of the IMF, including the U.S., Japan, Germany and China are satisfied with their £ 270 billion resources.

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