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G-20 discussions obtain support of global financial chiefs
G-20 finance ministers agreed to take on all necessary measure to stabilise global financial markets and ensure that banks are well capitalised, CNN reports.
The Group of 20 finance ministers met yesterday and on Friday to discuss plans to secure the banking system and discuss plans to resolve Europe’s long-standing sovereign debt problems.
Following the Paris meeting, the ministers issued a statement saying that they will “ensure that banks are adequately capitalized and have sufficient access to funding to deal with the current crisis.”
Bloomberg reports that the revamped strategy won the backing of global finance chiefs, who urged the region’s leaders to deal “decisively” with the turmoil.
In the October 23 summit in Brussels, governments are expected to have completed their plan to tame the threat of contagion. French Finance Minister Francois Baroin said the eurozone will present answers during the summit.
"The results of the October 23 summit will be decisive," Baroin said. "We are acting resolutely to maintain financial stability.
Major economies around Europe are currently facing turbulent financial situations, posing a threat to the euro area.
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There is only one solution.
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Scrap the Euro.
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Scrap the EU.
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Southern eurpoean Governments borowed recklessly at the cheap interest rates available inside the Euro. Now they are being punished by MARKETS, and must learn discipline.
