G20 Asks Euro zone to Solve Sovereign Debt Crisis in 8 Days

October 17 00:00 2011

New York, October 16 (RainbowNewsLine.com) – Euro zone countries have been asked to act decisively by the finance ministers and central bankers of the Group of 20 leading economies of the world to resolve the Eurozone’s sovereign debt crisis which has brought the world economy to a dangerously low level. On Saturday they said that they expected an October 23 European Union summit to “decisively address the current challenges through a comprehensive plan”.

French Finance Minister Francois Baroin said France and Germany were almost ready to agree to a plan to reduce Greece’s debt, stop contagion and protect Europe’s banks. The 17-nation single currency area has been asked by even the non-euro countries to take urgent action as the European crisis was ruining their economies as well.

Japanese Finance Minister Jun Azumi said, “Europe needs to get its act together because unless the crisis is put to an end, it will start to affect emerging economies which have enjoyed strong growth.” The Canadian Finance Minister, Jim Flaherty said the risk of a global recession would be dramatically higher if next Sunday’s European summit failed to deliver.

British Finance Minister George Osborne said that his euro zone counterparts “will left Paris under no misunderstanding that there is a huge amount of pressure on them to deliver a solution to the crisis”.
Treasury Secretary Timothy Geithner said that “when France and Germany agree on a plan together and decide to act, big things are possible,”