G20 aims to build huge international resources

The world’s leading economies were working yesterday on lining up a deal in April on a second global rescue package worth nearly $2 trillion to stop the eurozone sovereign debt crisis from spreading and putting at risk the tentative recovery.

Germany said it would make a decision some time in March on strengthening Europe’s bailout fund, a move other Group of 20 countries say is essential to clear the way for throwing extra funds into the International Monetary Fund.

The two actions are part of the G20’s efforts to build up massive international resources by the end of April, when the group next meets, and convince financial markets they can stem the eurozone’s problems. It would mark their boldest effort since 2008, when the G20 mustered $1tn to help rescue the world economy.