World economies are vying for position and power as they begin a plan to raise additional funds for the International Monetary Fund with the goal of limiting the damage the euro zone debt crisis will cause.
Emerging economies hope to gain more say in the Washington-based think-tank/global lender and policy making body as they decide how much and from where as much as $600 billion in additional funds will come from.
This week world financial leaders will come together in Washington, DC to discuss ideas and proposals for the countries to chip in more resources to insure that the IMF can handle any crisis which may result from the continuing economic strain on Europe.
Emerging power-house economies such as China, Brazil and Russia are ready to contribute more money, but they want something real back: more voting power in the IMF.
Since negotiations began formally for the next phase of IMF voting reforms the issue has been hotly contested. Reforms are expected to be completed by 2013, and the losers will most likely be euro zone states while emerging market nations will garner power.
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