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Eurozone alarm bells ring during G20 summit
G20 summit sees world leaders expressing concerns over the Eurozone debt crisis while calling for a global plan to be co-ordinated in an attempt to create employment and growth.
European Commission President Jose Manuel Barroso says Eurozon crisis did not originate in Europe and was not exclusive to the area.
Europe was urged to take all necessary measures to overcome the debt crisis in the Eurozone during a G20 summit meeting of world leaders in Mexico on Monday.
One high official described the crisis as the major risk for the world economy but this was challenged by European Commission President Jose Manuel Barroso who said that the challenges were not exclusive to Europe. “The challenges are not only European, they are global.”
Stock markets did not receive the expected boost following a pro-bailout party victory in the Greek election on Sunday.
Leader of the New Democracy Party which won the poll, Antonis Samaras, is currently setting up urgent talks to form a coalition and stated that he would be seeking amendments in the bailout agreement terms reached with the EU and IMF.
A globally co-ordinated plan for the creation of employment and growth is expected to be called for in a statement which is to be released on Tuesday and should growth continue to weaken, countries which are not in heavy debt should be prepared to implement fiscal measures to support domestic demand.
Alarm was expressed by a number of world leaders as they believed there was a lack of progress when dealing with the Eurozone crisis and was holding the global economy back as World Bank Chief Robert Zoellick said they were waiting for Europe to say what was to be done.
An immediate end to violence in Syria was also discussed during the summit by US President Barack Obama and Russian President Vladimir Putin.
However, Barroso said the crisis had originated in North America and unorthodox practices had “contaminated” many of the financial sectors.
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Kif jista' jkun li l-G20 ltaqghu bla ma qalu lil gonzipn biex jattendi jew biex jibghat lil RCC minfloku? Tghid ghax jafu li ghandu hadna deputati tieghu stess li ma jnizzluhx u qed jinkwetawh bil-kbir jew ghax jafu li l-par idejn soda li tant ftahar bihom xi snin ilu aktar saru par idejn qishom jellybabies dan l-ahhar? Biex nghid il-verita, hasra kbira li ma marx ghax kieku mar kien jaghtihom xi parir jew tnejn dwar kif ghandhom imexxu l-ekonomija ta-dinja wara s-successi kbar li kellu f'pajjizna ....
