An early rally across Europe and the US has faded.
Initially Bloomberg had reported that the IMF was seeking to boost its firepower by $1 trillion.
Now it’s corrected the report and said its only seeking to expand its firepower by $500 billion.
It’s actually not good news either way. The need to expand firepower reflects a severe problem, and since the ability to raise funds from member states is by no means guaranteed, there’s nothing necessarily “good” about the IMF wanting a lot more money.
Here’s an updates look at Italy’s FTSE MIB index.