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Debt woes dominate agenda as G20 meets

(Shanghai Daily)

09:43, November 04, 2011


French President Nicolas Sarkozy (right) shakes hands with Chinese President Hu Jintao during arrivals for the G20 summit in Cannes, France, yesterday. Europe's debt drama dominated talks among leaders of the Group of 20 leading economies as they began the formal summit after a morning packed with bilateral meetings and a hurriedly organized meeting of eurozone officials to respond to developments in Greece - which risk fracturing Europe's common currency area and the EU itself.(Shanghai Daily Photo)

EUROPE'S debt drama dominated talks among leaders of the Group of 20 leading economies yesterday, with Greece's government facing potential collapse and European leaders admitting that the eurozone could lose its weakest member.

Chinese President Hu Jintao, US President Barack Obama and other world leaders began the formal G20 summit after a morning packed with bilateral meetings and a hurriedly organized meeting of eurozone officials to respond to developments in Greece - which risk fracturing Europe's common currency area and the EU itself.

Obama said the most important task at the G20 summit is to resolve the European financial crisis and urged European Union leaders to flesh out details of their ambitious plan to rescue Greece and stabilize financial markets.

French President Nicolas Sarkozy scrambled to save the summit he's hosting from being hijacked by the tumult in Greece.

Sarkozy said he and Obama agree the private sector should play a greater role in helping resolve the global financial crisis.

"We have found a common analysis to make the financial world contribute" to finding a solution to the crisis, Sarkozy told reporters after talks with the US president. He said he welcomed Obama's "understanding on subjects such as a tax on financial transactions."

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Leave your comment3 comments

  1. Name

eed at 2011-11-04120.166.22.*
China,please ,Do not help the west, because in the past, when the people in many communist countries, living in great poverty , the world will judge that it is caused has a wrong ideology, but now China has become a rich country, while the west with their democracy, is heading into the bottom of the hell.
Hammad Sethi at 2011-11-0494.197.127.*
This is the last ditch effort by the Imperialist States to keep Muslims out of world economic system by threat of violence and economic blackmail, and chart a new course for their continued tyrannical hegemony of the world in the current G20 summit. White Catholics are trying their level best to keep the global system of 1% who have and the 99% who have not. This is the only way that the Vatican can pursue its evil global agenda.
CKWONG at 2011-11-04124.82.99.*
Just look at the Greek how they react to the problems they created. They should realise now, no countries can survive on hand out. Productivity and saving are two main strenath of any economy. China should not contribute more than 10% to any of these Euro crisis be it France Italy, Spain Greece or Portugal. America as their allies should foot the bill by cutting back on military spending and divert the weaponery resources to the aid of Euro. and may be its time for US to restructure IMF and fairer to the third world. How could Greece threaten Euro and he world fiancial ruling. Greece should be punish for indiscrimnate spending and too much enjoying life. China should help her near by neibours like Laos, Thailand, Nepal, Cambodia, N. Korea, Philipines, and Myanmar first.
  

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