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India boosts IMF crisis firewall
India pledged $10 billion on Monday for a new IMF firewall meant to prevent future crises, marking a new level of commitment by an emerging economy as it seeks a greater voice. At a summit of the Group of 20 major economies, Indian Prime Minister Manmohan Singh said that his government would contribute $10 billion to the fund meant to support nations at risk of contagion from the global crisis. "The global economic situation is deeply worrying. Economic recovery is faltering and even fast growing emerging markets are slowing down," Singh, an Oxford-educated economist, told the summit in the Mexican resort of Los ... (full story)