G20 mulls new global fund in Mexico meeting

MEXICO CITY (A.A) - February 27, 2012 - G20 countries discussed ways during a meeting over the weekend to create a new fund to contain Europe's debt crisis before it spreads further as sources have said that the global bailout fund could reach some 2 trillion USD. In the meeting in Mexico City G20 countries have agreed that Europe should do more in tackling its debt crisis, however, sources said countries had expressed their differences in increasing IMF funds to be used against the crisis.  Sources said emerging economies such as Brazil, Russia and Turkey would be asked to boost their financial support to the IMF however many countries expressed view that European countries should move first.      OECD Secretary General Jose Angel Gurria said the new fund could grow to 1.5 trillion USD, adding, "the thicker we build our protective wall the less likely we use it."        G20 is expected to make a decision about a new global fund in its next meeting in April.   Turkey was represented by Deputy Prime Minister Ali Babacan and Central Bank Governor Erdem Basci in the meeting in Mexico City.