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Japan pledges $60 billion to IMF

Japan pledged $60 billion (4.8 trillion yen) in loans to the International Monetary Fund (IMF) April 17 in an effort to ensure that the debt crisis in some European economies won't spread. Finance Minister Jun Azumi announced the emergency loan, which will use the nation's foreign exchange reserves, his ministry said. IMF Managing Director Christine Lagarde welcomed the move and encouraged other fund members to do the same. Greece, Ireland and Portugal had to seek bailouts after their borrowing costs rocketed and there are concerns Spain might be next. (AP)

Shukan ST: APRIL 27, 2012

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National News Japan pledges $60 billion to IMF Japan pledged $60 billion (4.8 trillion yen) in loans to the International Monetary Fund (IMF) April 17 in an effort to ensure that the debt crisis in some European economies won't spread. Finance Minister Jun Azumi announced the emergency loan, which will use the nation's foreign exchange reserves, his ministry said. IMF Managing Director Christine Lagarde welcomed the move and encouraged other fund members to do the same. Greece, Ireland and Portugal had to seek bailouts after their borrowing costs rocketed and there are concerns Spain might be next. (AP) Shukan ST: APRIL 27, 2012 (C) All rights reserved