Emerging economies 'to help bail out EU'

BRUSSELS - Leading emerging economies such as China have reportedly agreed to help the European Union increase its bailout fund through the International Monetary Fund (IMF), said a reliable source close to EU decision-makers.

If this happens, China and other emerging economies may obtain more influence in the global financial system ahead of G20 summit scheduled for Nov 3 to 4 in Cannes, France.

Within the IMF, an increased contribution means more voting rights. Emerging economies have long calling for a bigger say in the organization, which has been dominated by developed economies and in which the United States has a veto.