Empty promises won't secure a fund

A well endowed bailout fund is a prerequisite for further support from international partners, the business paper Il Sole 24 Ore writes, agreeing with IMF boss Christine Lagarde's demand: "Show me the money and I'll believe you. This kind of doubting Thomas demand is typical of the financial markets. Unfortunately it has become all the more urgent because of the EU's failure to keep its promises. Two months ago the political leaders announced that the volume of the EFSF bailout fund would grow to up to one billion thanks to leverage and other financial mechanisms. But not everyone can do the multiplying of bread and fish trick. The promise wasn't kept. Now the time for hard cash has come. If Europe wants the help of the IMF and the G20 - and it most certainly does - then it must demonstrate that Europe itself has already accomplished the most demanding financial feat."

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