Los Cabos, Mexico • G20 summit host President Felipe Calderon of Mexico said Saturday that he expects the world's largest economies to deliver more than the $430 billion pledged to stop the spread of the European financial crisis.
Calderon told a small group of reporters that he expects "there to be capitalization that's bigger" than the amount fund members promised in April. He called International Monetary Fund recapitalization one of the key tests of the success of the summit.
The Mexican president said Saturday that he doesn't expect the United States to contribute to the recapitalization, something that he said showed the importance of emerging economies. The money would be used to bail out countries and key industries unable to borrow money on the open market due to fears the crisis will leave them unable to repay.