Euro crisis has changed world order

The US has turned down the IMF's call for more money in the battle against the European debt crisis. Now the IMF must turn to the emerging economies for the funds, writes the left-liberal daily Süddeutsche Zeitung: "In the Republican primaries, every candidate could expect thunderous applause for the call 'No bail-out for Europe'. Obama would hurt his election chances if he joined in with the IMF recapitalisation initiative. So the remaining potential allies are - in addition to non-Eurozone states like the UK - China, India and Brazil and the emerging economies whose influence in the IMF the Europeans had sought to limit until recently. The nouveaux riches will demand a price for bailing out the old elite. China, for instance, will likely demand the lifting of the weapons embargo. ... This gives an idea of how far-reaching the impact of the European debt crisis that has been escalating for three years really is."

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