G20 Come Through With a Trillion for IMF/World Bank

Today at the G20 conference in London, rich countries have agreed to give the IMF and World Bank a trillion dollars to fund developing countries as they struggle through tough economic times. Brazil and several other emerging market countries have seen a sharp decrease in tax receipts – Brazil alone saw tax revenue drop by 4.7% in December. This money will hopefully cushion the blow and allow governments to operate without making massive spending cuts that would hurt the poor and potentially cause civil unrest.