News / Europe

G20 Ministers Gather in Paris to Address World Economy

German Finance Minister Wolfgang Schaeuble, front right, looks at French President Nicolas Sarkozy, left, after a working lunch at the Elysee Palace in Paris, Oct. 14, 2011.
German Finance Minister Wolfgang Schaeuble, front right, looks at French President Nicolas Sarkozy, left, after a working lunch at the Elysee Palace in Paris, Oct. 14, 2011.

Finance ministers and central bankers from the Group of 20 leading economies are in Paris Friday and Saturday to find ways to strengthen the world's ailing economy and staunch Europe's financial crisis.

Related Story by VOA's Al Pessin

Europe received one piece of good news this week as Slovakia became the last country to ratify expanding a key bailout fund for shaky economies in the 17-nation eurozone. Internal bickering within Slovakia's parliament derailed approval of the measure earlier this week.

The eurozone's financial crisis is expected to top the agenda of the Group of 20 finance ministers and central bankers meeting in Paris Friday and Saturday. They will be looking for ways to get the world's sluggish economic recovery back on track. And they will be pressing China for a faster appreciation of its currency.

European leaders are pressured to come up with solutions quickly to their sovereign debt crisis that is threatening the stability of a number of banks and risks further slowing global recovery.

On Wednesday, European Commission President Jose Manuel Barroso outlined a five-point plan to address these problems.

"We are really speaking seriously when we mention the need for more discipline, more integration. It means more Europe - I think that should be the goal of all of us," he said.

The leaders of Europe's two biggest powerhouses, France and Germany, have also vowed to come up with a sustainable, long-term solution to the crisis before a key summit early next month of G20 leaders.

But so far, many experts have criticized European leaders for being slow to address an economic crisis that began with Greece and has spread to other shaky economies.

Even the expanded bailout fund is considered a stopgap solution. Not only must Europe curb its debt, says Philippe Moreau Defarges, an analyst for the French Institute of International Relations, but it must find ways of growing its economy.

"We could have a disaster," he said. "Europe could have a disaster. It's clear that there will be new negotiations about a bigger European fund. It's clear the present European fund will not be enough. They will need more money. And maybe a kind of eurobond."

Moreau Defarges believes that over time, a number of European countries may not be able to pay back their debt. Not just Greece, but also Italy - Europe's third largest economy - and possibly even France.

The week is ending with more bad news for Europe, as Standard & Poors downgraded Spain's long-term credit rating. And top European economic institutes predicted a major slowdown in the growth of Germany, Europe's largest economy.

You May Like

Multimedia Social Media Documenting, Not Driving, Hong Kong Protests

Unlike in Arab Spring uprisings, pro-democracy protesters in Hong Kong aren't relying on Twitter and Facebook to organize, but social media still plays a role More

Analysis: Occupy Central Not Exactly Hong Kong’s Tiananmen

VOA's former Hong Kong, Beijing correspondent compares and contrasts 1989 Tiananmen Square protest with what is now happening in Hong Kong More

Bambari Hospital a Lone Place of Help in Violence-Plagued CAR

Only establishment still functioning in CAR's second city is main hospital 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.
The Legacy of Jimmy Carter: The Preacher from Plainsi
X
October 01, 2014 10:45 AM
It is common in the United States to see tourists flock to sites associated with America's presidents. Some are privately owned and others are run by the National Park Service or the National Archives -- but most have helped draw business and people into the towns and cities where they are located. As VOA’s Kane Farabaugh reports, there is one particular presidential hometown that is unique in what it has to offer those who make the trip.
Video

Video The Legacy of Jimmy Carter: The Preacher from Plains

It is common in the United States to see tourists flock to sites associated with America's presidents. Some are privately owned and others are run by the National Park Service or the National Archives -- but most have helped draw business and people into the towns and cities where they are located. As VOA’s Kane Farabaugh reports, there is one particular presidential hometown that is unique in what it has to offer those who make the trip.
Video

Video Hong Kong Protests Draw New Supporters on National Holiday

On the 65th anniversary of the founding of Communist China, Hong Kong protesters are hoping to stage the largest pro-democracy demonstration since the 1989 Tiananmen protests. VOA's Brian Padden visited one of the protest sites mid-day, when the atmosphere was calm and where the supporters were enthusiastic about joining what they are calling the umbrella revolution.
Video

Video India's PM Continues First US Visit

India's prime minister is on his first visit to Washington, to strengthen political and economic ties between the world's oldest and the world biggest democracies. He came to the U.S. capital from New York, the first stop on his five-day visit to the country that denied him an entry visa in the past. From Washington, Zlatica Hoke reports Modi seemed most focused on attracting foreign investment and trade to increase job opportunities for his people.
Video

Video Malaysia Struggles to Stop People Joining Jihad

Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Could US Have Done More to Stop Rise of Islamic State?

President Obama says airstrikes against Islamic State militants in Syria will likely continue for some time because, in his words, "there is a cancer that has grown for too long." So what if President Obama had acted sooner in Syria to arm more-moderate opponents of both the Islamic State and the Syrian government? VOA State Department Correspondent Scott Stearns reports from the United Nations.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid