Bankers call for strict limits on bailout cash

CANADA - The Bank of England and Bank of Canada have launched a paper arguing for strict limits on International Monetary Fund bailouts for crisis-hit countries.

The paper, backed by the banks' deputy governors Mervyn King and Paul Jenkins, reflects an attempt to prevent countries like Argentina sliding towards crisis despite receiving huge IMF rescue packages.

The report argues that limits on lending - to be overridden only in exceptional circumstances and with a special staff report justifyin