News / Europe

G20 Agrees to Boost IMF Resources

European Council President Herman Van Rompuy (L) gestures as European Commission President Jose Manuel Barroso (R) looks on during a news conference on the second day of the G20 Summit in Cannes November 4, 2011.
European Council President Herman Van Rompuy (L) gestures as European Commission President Jose Manuel Barroso (R) looks on during a news conference on the second day of the G20 Summit in Cannes November 4, 2011.

The Group of 20 leading economies have agreed to boost the resources of the International Monetary Fund to help curb the European debt crisis.

European Union President Herman Van Rompuy said the decision was reached Friday at the G20 summit in the French resort of Cannes. But the shape of the additional aid for the IMF remained uncertain at a time when some of the world's largest economies, such as the U.S. and China, are facing their own economic difficulties.

The world leaders discussed a variety of options, including setting aside a special IMF fund for assisting debt-ridden European governments.

Greece referendum dropped

Efforts to contain the European governmental debt contagion remained at the forefront of the G20 discussions, even after Greek Prime Minister George Papandreou on Thursday dropped his plan to hold a referendum on the week-old European debt-relief agreement. Under pressure from the U.S. and emerging economies, Italy agreed that the IMF would monitor implementation of its austerity measures aimed at keeping it from needing a bailout.

On the second and final day of their summit, the world leaders also focused on the stabilization of the global economy and efforts to boost domestic consumption in their respective countries.

Rescue package

Thursday's talks were largely overshadowed by Greece's hesitancy to abide by the terms of the financial rescue package agreed to last week by the European Union, under which European banks plan to forgive $140 billion in Greek debt in exchange for the Athens government's agreement to adopt years of austerity measures that are hugely unpopular in Greece.

Late Thursday, French President Nicolas Sarkozy again urged Greece to accept the deal.

"I have admiration for Greece and its people. I have old family ties there, and in no way would I want to give the impression that we are interfering in their domestic affairs," he said. "But on the other hand, this is about the defense of the euro and the defense of Europe - and that's our duty. For us, the red line is very simple. Europe and the euro are our homeland - and that has to be defended."

Earlier this week, Papandreou caused global financial panic by announcing a nation-wide vote on the bailout plan. He backed off his call for the vote after Greek opposition parties finally agreed to back the rescue package.

Sarkozy and German Chancellor Angela Merkel have warned that Greece will not receive "one more cent" of the next $11 billion disbursement of its rescue loan scheduled for December 4 unless it implements the austerity measures.

Without the funds, Greece risks a catastrophic debt default within weeks, putting at risk its membership in the 17-member bloc of nations that use the common European currency.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Video VOA EXCLUSIVE: Iraq President Vows to Fight IS 'Until They Are Killed or We Die'

In wide-ranging interview with VOA Persian service reporter, Fuad Masum describes conflict as new type of fight that will take time to win More

Video Russian Anti-Corruption Campaigner Slams Putin’s Crackdown on Dissent

In interview with VOA Alexei Navalny says he believes new law against 'undesirable NGOs' part of move to keep Russian president in power More

Video On The Scene: In Ethiopia, 'Are You a Journalist?' Is a Loaded Question

VOA's Anita Powell describes the difficulties faced by reporters in fully conveying the story in a country where people are reticent to share their true opinions 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.
Expelled from Pakistan, Afghan Refugees Return to Increased Hardshipi
X
Ayesha Tanzeem
May 28, 2015 6:48 PM
Undocumented refugees returning to Afghanistan from Pakistan have no jobs, no support system, and no home return to, and international aid agencies say they and the government are overwhelmed and under-resourced. Ayesha Tanzeem has more from Kabul.
Video

Video Expelled from Pakistan, Afghan Refugees Return to Increased Hardship

Undocumented refugees returning to Afghanistan from Pakistan have no jobs, no support system, and no home return to, and international aid agencies say they and the government are overwhelmed and under-resourced. Ayesha Tanzeem has more from Kabul.
Video

Video Britain Makes Controversial Move to Crack Down on Extremism

Britain is moving to tighten controls on extremist rhetoric, even when it does not incite violence or hatred -- a move that some are concerned might unduly restrict basic freedoms. It is an issue many countries are grappling with as extremist groups gain power in the Middle East, fueled in part by donations and fighters from the West. VOA’s Al Pessin reports from London.
Video

Video Floodwaters Recede in Houston, but Rain Continues

Many parts of Texas are recovering from one of the worst natural disasters to hit the southwestern state. Heavy rains on Monday and early Tuesday caused rivers to swell in eastern and central Texas, washing away homes and killing at least 13 people. As VOA’s Greg Flakus reports from Houston, floodwaters are receding slowly in the country's fourth-largest city, and there likely is to be more rain in the coming days.
Video

Video 3D Printer Makes Replica of Iconic Sports Car

Cars with parts made by 3D printers are already on the road, but engineers are still learning about this new technology. While testing the possibility of printing an entire car, researchers at the U.S. Department of Energy recently created an electric-powered replica of an iconic sports roadster. VOA’s George Putic has more.
Video

Video Al-Shabab Recruitment Drive Still on In Kenya

The al-Shabab militants that have long battled for control of Somalia also have recruited thousands of young people in Kenya, leaving many families disconsolate. Mohammed Yusuf recently visited the Kenyan town of Isiolo, and met with relatives of those recruited, as well as a many who have helped with the recruiting.
Video

Video US Voters Seek Answers From Presidential Candidates on IS Gains

The growth of the Islamic State militant group in Iraq and Syria comes as the 2016 U.S. presidential campaign kicks off in the Midwest state of Iowa.   As VOA’s Kane Farabaugh reports, voters want to know how the candidates would handle recent militant gains in the Middle East.
Video

Video A Small Oasis on Kabul's Outskirts Provides Relief From Security Tensions

When people in Kabul want to get away from the city and relax, many choose Qargha Lake, a small resort on the outskirts of Kabul. Ayesha Tanzeem visited and talked with people about the precious oasis.
Video

Video Film Festival Looks at Indigenous Peoples, Culture Conflict

A recent Los Angeles film festival highlighted the plight of people caught between two cultures. Mike O'Sullivan has more on the the Garifuna International Film Festival, a Los Angeles forum created by a woman from Central America who wants the world to know more about her culture.
Video

Video Kenyans Lament Losing Sons to al-Shabab

There is agony, fear and lost hope in the Kenyan town of Isiolo, a key target of a new al-Shabab recruitment drive. VOA's Mohammed Yusuf visits Isiolo to speak with families and at least one man who says he was a recruiter.
Video

Video Scientists Say Plankton More Important Than Previously Thought

Tiny ocean creatures called plankton are mostly thought of as food for whales and other large marine animals, but a four-year global study discovered, among other things, that plankton are a major source of oxygen on our planet. VOA’s George Putic reports.
Video

Video Kenya’s Capital Sees Rise in Shisha Parlors

In Kenya, the smoking of shisha, a type of flavored tobacco, is the latest craze. Patrons are flocking to shisha parlors to smoke and socialize. But the practice can be addictive and harmful, though many dabblers may not realize the dangers, according to a new review. Lenny Ruvaga has more on the story for VOA from Nairobi, Kenya.
Video

Video Iowa Family's Sacrifice Shaped US Military Service for Generations

Few places in America have experienced war like Waterloo. This small town in the Midwest state of Iowa became famous during World War II not for what it accomplished, but what it lost. As VOA’s Kane Farabaugh reports, the legacy of one family’s sacrifice is still a reminder today of the real cost of war for all families on the homefront.

VOA Blogs