IMF aims to raise US$500b as euro crisis rages

The International Monetary Fund said on Wednesday it would seek up to $500 billion in new financial firepower as the European debt crisis increasingly threatens the global economy.

With several European countries veering on recession and Greece on the brink of default, the IMF said it lacks the resources to be the planet's lender of last resort.

"Based on staff's estimate of global potential financing needs of about $1 trillion in the coming years, the Fund would aim to raise up to $500 billion in additional lending resources," it said in a statement.

The IMF said the $500 billion includes the recent European commitment to add about $200 billion to its resources.

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