News / Europe

China Wields Power as G20 Leaders Prepare for France

French policemen check identity papers and cars in La Turbie, southeastern France, near the Franco-Italian border, in spite of the EU's passport-free zone Schengen, as security measures are taken ahead of the G20 Summit of Cannes, October 31, 2011.
French policemen check identity papers and cars in La Turbie, southeastern France, near the Franco-Italian border, in spite of the EU's passport-free zone Schengen, as security measures are taken ahead of the G20 Summit of Cannes, October 31, 2011.
Henry Ridgwell

Leaders of the G20 group of industrialized nations will meet in France later this week - with the threat of another economic crisis still looming over the world economy. The summit comes just days after European countries held an emergency meeting to try to save the euro currency.

The resort of Cannes is best known as a billionaire’s playground.

This week it’s austerity on the agenda, as G20 leaders gather here to discuss the dark shadows hanging over the world economy.

Twelve thousand French police will be backed by special forces and helicopter teams to keep the expected protesters at bay.

With the euro debt crisis still unresolved, there could be plenty of conflict within the summit, says Stephanie Rickard of the London School of Economics.

“This is the opportunity for the G20 partners to weigh in on how they feel about the eurozone debt deal," said Rickard. "I think behind closed doors there will be very frank, very difficult discussions about the actual details of the program. Where’s the money going to come from? How’s it going to work? Is it going to contain the crisis within the eurozone? In public, they are going to be very careful about presenting a unified front, they’re going to try to be as optimistic as they can so that they don’t sink the eurozone deal.”

European leaders agreed last week on a deal to try to stop the euro debt crisis spreading. Central to the plan is the beefing up of the EU’s bailout fund.

Europe is looking east to countries like China for help. It’s not yet clear if they will ride to Europe’s rescue, says Tobias Blattner of Daiwa Capital Markets.

“At the G20 summit what we are really looking out for is some kind of commitment and real figures coming from these countries, that they clearly state that they will give money in order to support the euro area. And that is the next event that markets are looking out for,” said Blattner.

Chinese President Hu Jintao arrived in Austria Monday before heading to Cannes.
The Chinese currency has long been a bone of contention at G20 summits.

Europe and the United States accuse Beijing of keeping the Yuan artificially low to aid exports.

“China’s in a very interesting position. China has some power potentially," added Stephanie Rickard of the London School of Economics. "They can provide the resources to help bailout the eurozone economies, but in return they’re going to be asking for some leniency on the currency issue and potentially more power at the international bargaining table.”

After the late night euphoria at the euro meeting last week, investors are now looking to the G20 for detail on who will pay what.

If that’s not forthcoming - analysts warn the chink of economic light emerging from Brussels will quickly be extinguished on the French Riviera.

You May Like

Multimedia Obama Defends Immigration Action

Obama says with his executive action on immigration, enforcement resources will be focused on 'felons, not families; criminals, not children' More

US-Led Airstrikes in Syria Kill Over 900: Monitoring Group

British-based Syrian Observatory for Human Rights says the toll includes more than 50 civilians, five of them women and eight of them children More

Report: Obama Broadens US Combat Role in Afghanistan

The New York Times says resident Barack Obama has signed a classified order extending the role of US troops in Afghanistan for another year More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
New Skateboard Defies Gravityi
X
November 21, 2014 5:07 AM
A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Gay Evangelicals Argue That Bible Does Not Condemn Homosexuality

More than 30 U.S. states now recognize same-sex marriages, and an increasing number of mainline American churches are blessing them. But evangelical church members- which account for around 30 percent of the U.S. adult population - believe the Bible unequivocally condemns homosexuality. VOA's Jerome Socolovsky reports that gay, lesbian, bisexual and transgender evangelicals are coming out. Backed by a prominent evangelical scholar, they argue that the traditional reading of the bible is wrong.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.

All About America

AppleAndroid