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

UN: 1 Million Somalis at Risk of Hunger

Group warns region is in dire need of humanitarian aid, with at least 200,000 children under age of five acutely malnourished as drought hits southern, central part of nation More

Human Rights Groups Allege Supression of Freedoms in Thailand

Thailand’s military, police have suppressed release of independent report assessing human rights in kingdom during first 100 days of latest coup More

Jennifer Lawrence Contacts FBI After Nude Photos Hacked

'Silver Linings Playbook' actress' photos were posted on image-sharing forum 4chan; Federal Bureau of Investigations is looking into matter 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.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid