G20 fears for global economy

By REUTERS
October 15, 2011 21:00

 
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PARIS - There was no repeat of the united stand which pulled the world back from the brink in 2009 at Saturday's meeting of G20 finance chiefs. There was a mutual sense of fear that if Europe fails to deliver, the global economy is in deep trouble.

Pressure was heaped on the euro zone finally to get on top of its debt crisis at a European leaders summit in eight days' time. And there was more than just rhetoric to show just how worried policymakers are if the Oct. 23 gathering falls short.

Emerging economies, who have been buffeted in the wake of Europe's predicament, suggested pouring more resources into the International Monetary Fund to protect those in trouble.

The United States and others rebuffed the idea but if those emerging powers that have provided the strongest growth since the world financial crisis struck are under threat, delegates said every country would feel the impact.

"The emerging countries are really worried about euro zone debt crisis," one G20 delegate told Reuters. "The EU summit is seen like a turning point".

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