G20 statement: VSO for bankers

Will the International Monetary Fund use its extra $500bn booty wisely? The G20’s decision to treble the IMF’s war chest potentially gives it huge scope to soften the blow of the economic crisis on emerging markets. And there’s clearly a need. Much of eastern and central Europe, in particular, risks blowing up because companies and individuals have borrowed too much money in foreign currencies. Consider a Hungarian homeowner who has taken out a Swiss franc mortgage from an Austrian bank. As a re...