G-20 seeks lasting solution to euro zone crisis
18 Jun 2012
Leaders of the Group of 20 emerging and developed nations have called for a lasting solution to the euro zone debt crisis that has turned into a global problem affecting countries across the globe – both developing and developed.
The G20 summit toady set out to outline a strategy to save the euro currency on the back of a victory for pro-bailout parties in a Greek election.
US President Barack Obama sought an urgent meeting with European leaders amidst concern that the euro crisis could deepen, infecting the fragile US economy as well.
British Prime Minister David Cameron is expected to warn leaders from the euro zone area that they faced "perpetual stagnation" without bold new measures. He also wants central bank action to coordinate the rescue package.
"We cannot afford for central banks around the world to stand on the sidelines if we are to deliver the growth we need," extracts from Cameron's prepared speech showed.
"It is becoming increasingly clear in the euro zone that the core, including the European Central Bank (ECB), must do more to support demand and share the burden of adjustment."
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