G20 to press Europe for lasting fix for debt crisis

By REUTERS
June 18, 2012 09:31

 
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LOS CABOS, Mexico - World leaders, relieved that pro-bailout parties won a narrow election victory in Greece, will pile pressure on Europe at the G20 summit on Monday to outline a lasting strategy to save the euro currency and end financial turmoil.

Group of 20 leaders from major industrialized and developing economies, representing more than 80 percent of world output, start a two-day meeting in this Pacific resort to prioritize growth and job creation as the path to bolstering a world economy that is running out of steam.

Escalating violence in Syria and the near-collapse of a United Nations-brokered peace plan also will be in focus when US President Barack Obama meets with Russian President Vladimir Putin on the sidelines of the summit on Monday. The two super powers are clashing over arming Syria and UN sanctions.

But Europe's progress toward lasting solutions for its debt crisis will be the focal point when G20 leaders hold their opening session on the global economy. While the Greek vote has eased immediate uncertainty over a possible euro zone breakup, the relief in financial markets could quickly evaporate.

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