IMF gets $430bn to fight debt contagion

Leading economies around the world have pledged $430bn in new funding for the International Monetary Fund.

The money will more than double its lending power.

It is hoped the fund will allow the IMF to respond - should the debt problems that have engulfed three euro zone countries, including Ireland, spread.

The head of the IMF, Christine Lagarde has said the fund now has more than a trillion dollars in its war chest.

Meanwhile, the British Chancellor of the Exchequer is under attack from members of his own party for pledging an extra £10bn to the IMF.