Gonna get you back to breaking headlines coming out a short while ago and it was concerning Japan and the International Monetary Fund. Japan’s saying that it will provide 60 billion dollars to the IMF.
Finance Minister Azumi saying that this would be taking place and would come before the semi-annual meetings of the IMF at the World Bank in Washington this week. European officials have been seeking a bigger global world trade to combat the debt crisis.
Azumi is saying that he’s hoping that Japan’s pledge will persuade other members to follow suit and that China will also pledge some more funds too.
Meanwhile, of course in a little side-swipe, of course, towards Europe he’s saying that the Europe needs to make more effort to boost its firewall and that Spain.
The Spanish case shows that sovereign risks have not, thus far at least, been contained, and of course to put that in to perspective we had Spanish bond yields going up to over six percent, approaching that seven percent level that many say start the alarm bells ringing because we had Ireland, we had also Portugal and Greece both go and have rescue plans when we had their yields hit that seven percent handle.