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

Taliban's New Leader Says Jihad Will Continue

Top US Afghan diplomat also meets with Pakistani, Afghan officials following news of Mullah Omar's death More

Video US Landmark Pushes Endangered Species

People gathered in streets, on rooftops in Manhattan to see image highlights that covered 33 floors of Empire State Building More

World’s Widest Suspension Bridge Being Built Over Bosphorus

Once built, Yavuz Sultan Selim Bridge will span 2 kilometers with about 1.5 kilometers over water, and will be longest suspension bridge in world carrying rail system 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.
Iraqi Yazidis Fear Death of Their Communityi
X
Sharon Behn
August 03, 2015 2:23 PM
A year ago on August 3, Islamic State militants stormed the homelands of Iraq’s Yazidi minority, killing hundreds of men and enslaving thousands of women. The scenes of desperate Yazidi families crowding on the top of Sinjar mountain without food or water spurred Kurdish fighters into action, an emergency airlift and the start of the U.S. airstrike campaign against the Islamic State Sunni extremists. VOA's Sharon Benh reports from northern Iraq.
Video

Video Iraqi Yazidis Fear Death of Their Community

A year ago on August 3, Islamic State militants stormed the homelands of Iraq’s Yazidi minority, killing hundreds of men and enslaving thousands of women. The scenes of desperate Yazidi families crowding on the top of Sinjar mountain without food or water spurred Kurdish fighters into action, an emergency airlift and the start of the U.S. airstrike campaign against the Islamic State Sunni extremists. VOA's Sharon Benh reports from northern Iraq.
Video

Video Bangkok Warned It Soon Could Be Submerged

Italy's Venice and America's New Orleans are not the only cities gradually submerging. The nearly ten million residents of the Bangkok urban area now must confront warnings the city could become uninhabitable in a few decades. VOA Correspondent Steve Herman reports from the Thai capital.
Video

Video Inclusive Gym Gets People With Disabilities in Fitness Spirit

Individuals with special needs are 58 percent more likely to be obese than the general population. According to the U.S. Centers for Disease Control, they also have an increased likelihood of anxiety, depression and social isolation. But a sports club outside Washington wants to make a difference in these people's lives. With Carol Pearson narrating, VOA's June Soh reports.
Video

Video Astronauts Train Underwater for Deep Space Missions

Manned deep space missions are still a long way off, but space agencies are already testing procedures, equipment and human stamina for operations in extreme environment conditions. Small groups of astronauts take turns in spending days in an underwater lab, off Florida’s southern coast, simulating future missions to some remote world. VOA’s George Putic reports.
Video

Video Special Olympics Show Competitors' Skill, Determination

Special Olympics competitions will wrap up Saturday in Los Angeles, and the closing ceremony for athletes with intellectual disabilities will be held Sunday night. In a week of competition, athletes have shown what they can do through skill and determination. VOA's Mike O'Sullivan reports.
Video

Video Civil Rights Leaders Struggled to Achieve Voting Rights Act

Fifty years ago, lawmakers approved, and U.S. President Lyndon Johnson signed, the Voting Rights Act of 1965. The measure outlawed racial discrimination in voting, giving millions of blacks in many parts of the southern United States federal enforcement of the right to vote. Correspondent Chris Simkins introduces us to some civil rights leaders who were on the front lines in the struggle for voting rights.
Video

Video Shooter’s Grill: Serving Food with a Touch of the Second Amendment

Shooter's Grill, a restaurant in Rifle, Colorado, attracts visitors from all over the world as well as local patrons. The reason? Waitresses openly carry loaded firearms as they serve food, and customers are welcome to carry them, too. VOA's Enming Liu and Lin Yang paid a visit to Shooter's Grill, and heard different opinions about this unique establishment.
Video

Video Despite Controversy, Business Owner Continues Sale of Confederate Flags

At Cooter’s, a store in rural Sperryville, Virginia, about 120 kilometers west of Washington, D.C., Confederate flags are flying off the shelves. The red, white and blue battle flag, with 13 white stars representing the Confederate states, was carried by southern forces during the U.S. Civil War in the 1860s. The South had seceded from the Union over several key issues of disagreement, including slavery. VOA’s Deborah Block has the story.
Video

Video Booming London Property a ‘Haven for Dirty Money’

Billions of dollars of so-called ‘dirty money’ from the proceeds of crime - especially from Russia - are being laundered through the London property market, according to anti-corruption activists. As Henry Ridgwell reports from the British capital, the government has pledged to crack down on the practice.
Video

Video Hometown of Boy Scouts of America Founder Reacts to Gay Leader Decision

Ottawa, Illinois, is the hometown of W.D. Boyce, who founded the Boy Scouts of America in 1910. In Ottawa, where Scouting remains an important part of the legacy of the community, the end of the organization's ban on openly gay adult leaders was seen as inevitable. VOA's Kane Farabaugh reports.

VOA Blogs