Thursday 22 December 2011

New Zealand to bail out Portugal

Portugal bailout included $87m from NZ
New Zealand has paid $87 million towards the International Monetary Fund's financial bailout of Portugal.

22 December, 2011

But the Government can't say how much New Zealand will pay for similar bailouts of Greece and Ireland.

Shareholders in the fund last year agreed to loan an extra $700 billion to the IMF, which would be called on if the global financial situation worsens. New Zealand's share was $1,3 billion.

Since then the IMF has helped fund bailouts of Portugal, Ireland and Greece.

Portugal asked the IMF for assistance worth 78 billionn euros ($US116 billion).

Finance Minister Bill English says it's not mandatory for New Zealand to contribute extra funds, but it would not be a good look to opt out.

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