News / Europe

G20 Leaders Commit to Helping Debt-Strapped Europe

U.S. President Barack Obama (R) salutes as he walks with France's President Nicolas Sarkozy during a Franco-American alliance ceremony at the end of the G20 Summit for Heads of State and Government in Cannes, France, November 4, 2011.
U.S. President Barack Obama (R) salutes as he walks with France's President Nicolas Sarkozy during a Franco-American alliance ceremony at the end of the G20 Summit for Heads of State and Government in Cannes, France, November 4, 2011.
Lisa Bryant

Leaders of the world's top economies ended a two-day summit in Cannes committed to boosting growth and staunching Europe's spreading financial crisis, though leaving the specifics of how they will do so unclear.

In one significant step, leaders of the Group of 20 major economies agreed to strengthen the resources of the International Monetary Fund to better battle financial crises like the one now buffeting Europe. But they left the details, including dollar amounts, for later.

Summit host, French President Nicolas Sarkozy, acknowledged the grim mood at the two-day summit - as fears grow of another major recession.

Specifics still pending

Sarkozy said G20 members were committed to using every tool to sustain world growth, but that there was no single answer on how to do so.

The financial problems of Italy and Greece dominated the summit, which took place as the government of Greek Prime Minister George Papandreou teetered on the edge. But a meltdown in Italy, Europe's third biggest economy, would be far more serious.

Italy agreed to allow the IMF to monitor whether the government implements an ambitious austerity package. IMF chief Christine Lagarde was blunt at a press conference, as she described international doubts.

"The problem that is at stake, and was clearly identified both by the Italian authorities and by its partners, is the lack of credibility of the measures that are announced," said Lagarde.

Bold actions required


Non-European members at the summit have urged the Europeans to speedily resolve the eurozone crisis. U.S. President Barack Obama said he is confident they can do so. What counts, he said, is action.

"Our European partners have laid a foundation on which to build - and it has all the elements needed for success. A credible firewall to prevent the crisis from spreading, strengthening European banks, charting a sustainable path for Greece, and confronting the structural issues that are at the heart of the current crisis," said Obama.

Among other measures, the G20 leaders agreed to toughen capital requirements for banks - naming 29 top banks on the list - so taxpayers do not end up bailing out those that go under. The group also vowed to crack down on tax havens and consider new sources of development assistance for poorer nations.

Related report by Kent Klein:

You May Like

Changing Under Pressure, IS ‘Potent’ as Ever

US intel officials describe Ramadi's fall as concerning, but say it isn't emblematic of larger effort to degrade IS capabilities More

Nigeria Fuel Shortage Shows Fragility of Africa’s Oil Giant

Although it is the largest oil producer in Africa, country has nearly ran out of fuel it needs to power its generators, cars and airplanes over the past week More

Arrested Football Officials Come Mainly From the Americas

US Justice Department alleges defendants participated in 24-year scheme to enrich themselves through corruption of international soccer 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.
3D Printer Makes Replica of Iconic Sports Cari
|| 0:00:00
...    
🔇
X
George Putic
May 27, 2015 9:31 PM
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 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 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 US-led Coalition Gives Some Weapons to Iraqi Troops

In a video released Tuesday from the Iraqi Ministry of Defense, Iraqi forces and U.S.-led coalition troops survey a cache of weapons supplied to help Iraq liberate Mosul from Islamic State group. According to a statement provided with the video, the ministry and the U.S.-led coaltion troops have started ''supplying the 16th army division with medium and light weapons in preparation to liberate Mosul and nearby areas from Da'esh (Arabic acronym for Islamic State group).''
Video

Video Amnesty International: 'Overwhelming Evidence' of War Crimes in Ukraine

Human rights group Amnesty International says there is overwhelming evidence of ongoing war crimes in Ukraine, despite a tentative cease-fire with pro-Russian rebels. Researchers interviewed more than 30 prisoners from both sides of the conflict and all but one said they were tortured. Henry Ridgwell reports for VOA from London.
Video

Video Washington Parade Honors Those Killed Serving in US Military

Every year, on the last Monday in the month of May, millions of Americans honor the memories of those killed while serving in the armed forces. Memorial Day is a tradition that dates back to the 19th Century. While many people celebrate the federal holiday with a barbecue and a day off from work, for those who’ve served in the military, it’s a special day to remember those who made the ultimate sacrifice. Arash Arabasadi reports for VOA from Washington.
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 Rolling Thunder Run Reveals Changed Attitudes Towards Vietnam War

For many US war veterans, the Memorial Day holiday is an opportunity to look back at a divisive conflict in the nation’s history and to remember those who did not make it home.
Video

Video Female American Soldiers: Healing Through Filmmaking

According to the United States Defense Department, there are more than 200-thousand women serving in the U.S. Armed Forces.  Like their male counterparts, females have experiences that can be very traumatic.  VOA's Bernard Shusman tells us about a program that is helping some American women in the military heal through filmmaking.

VOA Blogs