News / Europe

G20 Summit Focuses on Eurozone Debt Crisis

U.S. President Barack Obama (L) and France's President Nicolas Sarkozy shake hands during a joint press conference ahead of the start of the G20 Summit in Cannes November 3, 2011.
U.S. President Barack Obama (L) and France's President Nicolas Sarkozy shake hands during a joint press conference ahead of the start of the G20 Summit in Cannes November 3, 2011.

Leaders of the world's leading economies are meeting in the French resort city of Cannes to discuss global economic problems, with the summit dominated by the European debt crisis and questions about a Greek bailout deal.

U.S. President Barack Obama met separately with German Chancellor Angela Merkel and French President Nicolas Sarkozy, who lead Europe's strongest economies, before Thursday's official start of the Group of 20 summit in Cannes.

President Obama said the European Union has taken some "important steps" to address its debt problems, and said he hopes the heads of the world's leading developed and developing countries can "flesh out" details of a comprehensive strategy to resolve the crisis.

U.S. officials said the summit would also follow up on last year's meeting and discuss issues including global economic growth and how to put people back to work in countries with high unemployment.

In an emergency meeting of European leaders ahead of the G20 summit, President Sarkozy and Chancellor Merkel said Wednesday that Greece would not receive "one more cent" of rescue loans from the EU or the IMF unless it abides by the terms of the economic bailout package reached last week.

"We very clearly say that the sixth tranche can only be paid when Greece has accepted all parts of the decision of October 27th, and additionally, every doubt concerning the result of the announced referendum has been dispelled," said Merkel.

Greek Prime Minister Papandreou surprised other European leaders this week by announcing that he would put the latest international rescue plan to a referendum vote of Greeks, with whom the plan's austerity measures are unpopular.

The wording of the proposed referendum is not clear, but Papandreou said Wednesday that Greece's future participation in Europe's common currency was at stake in the vote.

"We need to have a wide consensus because the program we are facing is difficult, is difficult in implementation but I believe the Greek people want us to be a strong partner in the euro, in the eurozone and a strong partner in Europe," said Papandreou."And that is at stake."

On Thursday, Greek Finance Minister Evangelos Venizelos broke ranks with Papandreou and spoke out against the referendum. Venizelos said Greece's status in the eurozone cannot be made dependent on a popular vote.

President Sarkozy said that he hopes Greece would remain in the eurozone, but stressed that the stability of the euro was of greater importance than rescuing the Greek economy.

The bailout agreement reached last week would forgive $140 billion in money owed by Greece to private banks and strengthen a European bailout fund for Greece and other countries with troubled economies. It had been been hailed as a crucial breakthrough in the efforts to solve the two-year-old European sovereign debt crisis.

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.
Larger Than Life Chinese Lanterns Make Southern California Appearancei
X
Elizabeth Lee
September 02, 2014 8:57 PM
Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Larger Than Life Chinese Lanterns Make Southern California Appearance

Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Experts See Rise of ISIS as Significant Development

The Islamic State’s rise seems sudden. It caught the U.S. by surprise this summer when it captured large portions of northern Iraq and spread its wings in neighboring Syria. But many analysts contend that the group - which grew out of al-Qaida in Iraq - has been rebuilding for years. VOA's Jela de Franceschi takes a closer look at the rise of ISIS and its implications for the Middle East and beyond.
Video

Video Israel Concerned Over Syrian Rebels in Golan

Israeli officials are following with concern the recent fighting between Syrian rebels and government forces near the contested Golan Heights. Forty-four U.N. peacekeepers from Fiji have been seized by Syrian Islamist rebels and the clashes occasionally have spilled into Israel. VOA’s Scott Bobb reports from Jerusalem.
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 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.

AppleAndroid