Cash Cutoff

G20 to Europe: You're on your own:

A communique agreed by G20 finance ministers in Mexico City last night said a decision by eurozone leaders to boost their own firewall was "essential" before any more external resources were allocated via the International Monetary Fund (IMF).

"Euro area countries will reassess the strength of their support facilities in March. This will provide an essential input in our ongoing consideration to mobilise resources to the IMF," the official said, quoting from the draft.

George Osborne, the Chancellor, said: "The rest of the world will only consider extra resources for the IMF once the eurozone themselves contribute more to supporting their own currency. We have to see the colour of the eurozone's money first – and, quite frankly, that hasn't happened. Until it does, there's no question of extra IMF money from Britain or probably anyone else."

G20 finance ministers did agree that any extra IMF funding would come via bi-lateral loans. Christine Lagarde, managing director of the IMF, added: "G20 countries must now strengthen resilience to further shocks that could result from still fragile financial systems, high public and private debt, and higher world oil prices."

Don't tell the Spaniards, they're already mad.