G20 'Will Keep IMF Well-Funded In Crisis'

G20 finance chiefs have said they will make sure the International Monetary Fund (IMF) has the resources it needs to help stabilise the world economy.

The commitment is a hint that the world's leading economies may be open to the IMF playing a larger role in the eurozone debt crisis - and if necessary increase its resources.

"We committed that the IMF must have adequate resources to fulfill its systemic responsibilities," finance ministers and central bank chiefs from the G20 said in a statement after a two-day meeting in Paris.

They said they would discuss the question of IMF funding at a summit of G20 leaders in Cannes, France, in early November.

Earlier in the day, officials said several countries, including the US, are still resisting an increase in the IMF's resources.

As the debt troubles in the eurozone threaten to spin out of control with potentially global consequences France and some other countries have pushed for the IMF to help Europe keep the crisis from spreading to large economies such as Italy and Spain.

But proposals have been outlined to double the size of the IMF as part of a broader international response to the ongoing debt crisis.

The plan to inject around $350bn (£221bn) into the IMF has the backing of several developing economies.

However, US Treasury Secretary Timothy Geithner and his Canadian and Australian counterparts dismissed the idea.

The IMF's dominant shareholders, including the US, Japan, Germany and China, feel the fund's $380bn (£240bn) worth of resources is enough.

Mr Geithner said: "They [the IMF] have very substantial resources that are uncommitted."

German Finance Minister Wolfgang Schaeuble agreed the eurozone debt crisis was for Europe to solve.

He expressed confidence that EU leaders would produce a plan at a summit on October 23 that would be convincing for financial markets.

The United States is among countries keen to keep pressure on the Europeans to act more decisively to end the debt crisis that began in Greece.

Since the problems began two years ago, they have spread to Ireland and Portugal - and are also lapping at Spain and Italy.

The talks come as Standard and Poor cut Spain's long-term credit rating, citing the country's high unemployment, tightening credit and high private sector debt

Fears about the damage a default by Greece - and possibly others - could inflict on the financial system have seen global stocks fall 17% from their 2011 high in May.