News / Europe

Eurozone Crisis Expected to Dominate G20 Summit

Kent Klein
WHITE HOUSE - Much of President Barack Obama’s attention at next week’s Group of 20 economic summit in Mexico's Pacific resort of Los Cabos may be focused on trying to help Europe solve its money problems. Some analysts say Obama’s re-election may depend on it.

“The Eurozone crisis is going to be the first and second leading agenda item when it comes to Los Cabos,” said Stewart Patrick, a senior fellow at the Council on Foreign Relations.


Sunday’s parliamentary election in Greece could add urgency to efforts to resolve the crisis.  Greek voters will decide between candidates who support the austerity measures that come with a European bailout and those who want to scrap the agreement, possibly driving Greece out of the Eurozone.

(Click to Expand)(Click to Expand)
(Click to Expand)
(Click to Expand)
The Obama administration is hoping that European leaders at the summit can announce the outline of a response to the debt and banking crisis.  They also hope the plan will include less austerity and more efforts to encourage growth and stabilize Europe’s financial system.

“And part of that is taking clear action as soon as possible to inject capital into weak banks," the president said. "Just as important, leaders can lay out a framework and a vision for a stronger Eurozone, including deeper collaboration on budgets and banking policy.”

Beyond Europe

Analyst Stewart Patrick says a Eurozone collapse could have effects far beyond Europe.

“There is also a fear that this will help drag down the global economy at a time when some of the major emerging markets, including China but also India, are beginning to falter a little bit in being engines of economic growth,” he said.

Europe is America’s largest trading partner, and failure to put its economy back on track would likely cause trouble for the U.S. economy, which could doom Obama's re-election bid.


While in Los Cabos, the president will have a closely-watched meeting with Russian President Vladimir Putin.

They may discuss Russian opposition to sanctions against Iran and Syria, and Moscow’s suspicion of U.S. plans for a missile defense system in Europe.

But author David Satter, a senior fellow at the Hudson Institute, does not expect progress.

“Those objectives are very unlikely to be achieved at this summit, because the Russian side has no interest in reaching agreements on these issues,” Satter said.

But a majority of the G20 leaders do have an interest in resolving the world's economic problems. They hope to start by convincing the Europeans to resolve their problems first.

You May Like

Pakistan Among Developing Counties Hit Hard by Global Warming

Pakistani officials hope developed nations agree to scale back emissions, offer help in dealing with climate change

Video Speed, Social Media Shape Counterterrorism Probes

Speed is critical in effort to prevent subsequent attacks; demographics of extremists lend themselves to communicating, establishing profiles on digital platforms

Islamic State Oil Trade Seduces Friends, Foes Alike

Terrorist group rakes in up to $500 million a year in sales to customers such as Syrian government, US-supported rebels and Turkey

This forum has been closed.
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.
With HIV, Can We Get to Zero?i
Carol Pearson
November 29, 2015 1:23 PM
The theme of this year's World AIDS Day is "Getting to Zero." The U.N. says new HIV infections have been reduced by 35 percent since 2000 and AIDS-related deaths are down by 42 percent since the peak in 2004. VOA's Carol Pearson takes a look at what it might take to actually have an AIDS-free generation.

Video With HIV, Can We Get to Zero?

The theme of this year's World AIDS Day is "Getting to Zero." The U.N. says new HIV infections have been reduced by 35 percent since 2000 and AIDS-related deaths are down by 42 percent since the peak in 2004. VOA's Carol Pearson takes a look at what it might take to actually have an AIDS-free generation.

Video Political Motives Seen Behind Cancelled Cambodian Water Festival

For the fourth time in the five years since more than 350 people were killed in a stampede at Cambodia’s annual water festival, authorities canceled the event this year. Officials blamed environmental reasons as the cause, but many see it as fallout from rising political tensions with a fresh wave of ruling party intimidation against the opposition. David Boyle and Kimlong Meng report from Phnom Penh.

Video African Circus Gives At-Risk Youth a 2nd Chance

Ethiopia hosted the first African Circus Arts Festival this past weekend with performers from seven different African countries. Most of the performers are youngsters coming form challenging backgrounds who say the circus gave them a second chance.

Video US Lawmakers Brace for End-of-Year Battles

U.S. lawmakers are returning to Washington for Congress’ final working weeks of the year. And, as VOA's Michael Bowman reports, a full slate of legislative business awaits them, from keeping the federal government open to resolving a battle with the White House over the admittance of Syrian refugees.

Video Taiwan Looks for Role in South China Sea Dispute

The Taiwanese government is one of several that claims territory in the hotly contested South China Sea, but Taipei has long been sidelined in the dispute, overshadowed by China. Now, as the Philippines challenges Beijing’s claims in an international court at The Hague, Taipei is looking to publicly assert its claims. VOA’s Bill Ide has more from Beijing.

Video After Terrorist Attacks, Support for Refugees Fades

The terrorists who killed and injured almost 500 people around Paris this month are mostly French or Belgian nationals. But at least two apparently took advantage of Europe’s migrant crisis to sneak into the region. The discovery has hardened views about legitimate refugees, including those fleeing the same extremist violence that hit the French capital. Lisa Bryant has this report for VOA from the Paris suburb of Cergy-Pontoise

Video Syrian Refugees in US Express Concern for Those Left Behind

Syrian immigrants in the United States are concerned about the negative tide of public opinion and the politicians who want to block a U.S. plan to accept 10,000 Syrian refugees. Zlatica Hoke reports many Americans are fighting to dispel suspicions linking refugees to terrorists.

Video Thais Send Security Concerns Down the River

As Thailand takes in the annual Loy Krathong festival, many ponder the country’s future and security. Steve Sandford reports from Chiang Mai.

Video Islamic State Unfazed by Losses in Iraq, Syria

Progress in the U.S.-led effort to beat Islamic State on its home turf in Iraq and Syria has led some to speculate the terror group may be growing desperate. But counterterror officials say that is not the case, and warn the recent spate of terror attacks is merely part of the group’s evolution. VOA National Security correspondent Jeff Seldin has more.

Video Belgium-Germany Border Remains Porous, Even As Manhunt For Paris Attacker Continues

One of the suspected gunmen in the Nov. 13 Paris attacks, Salah Abdeslam, evaded law enforcement, made his way to Belgium, and is now believed to have fled to Germany. VOA correspondent Ayesha Tanzeem makes the journey across the border from Belgium into Germany to see how porous the borders really are.

Video US, Cambodian Navies Pair Up in Gulf of Thailand

The U.S. Navy has deployed one of its newest and most advanced ships to Cambodia to conduct joint training drills in the Gulf of Thailand. Riding hull-to-hull with Cambodian ships, the seamen of the USS Fort Worth are executing joint-training drills that will help build relations in Southeast Asia. David Boyle reports for VOA from Preah Sihanouk province.

Video Uncertain Future for Syrian Refugee Resettlement in Illinois

For the trickle of Syrian refugees finding new homes in the Midwest city of Chicago, the call to end resettlement in many U.S. states is adding another dimension to their long journey fleeing war. Organizations working to help them integrate say the backlash since the Paris attacks is both harming and helping their efforts to provide refugees sanctuary. VOA's Kane Farabaugh reports.

VOA Blogs