All data is delayed
Loading...
See More

G20 finance chiefs to tackle euro crisis

Nov 04 2012 10:59
AFP

Mexico City - G20 finance chiefs begin Sunday two days of talks aimed at quelling fears of a global economic downturn amid a persistent eurozone debt crisis and a looming fiscal crunch in the United States.

Finance ministers and central bank governors from the Group of 20 top economies will gather in Mexico City as debt-riddled Greece continues to trouble Europe while Spain fights off pressure to seek a bailout.

While Madrid avoids the bailout route, the problems in Greece are still haunting Europe's single currency, more than two years after Athens received its first multi-billion-euro rescue.

Greek officials are locked in tough negotiations with European Union and IMF auditors over austerity measures Greece must take in return for a bailout payment it needs to avoid defaulting on its debt.

While the fiscal situation in the United States is also a major concern, officials do not expect any movement on that front until after Tuesday's US presidential election.

The White House and Congress need to find a compromise by the end of the year to avoid a "fiscal cliff" of automatic spending cuts and tax hikes, which experts say could hurt the US economy and curb global growth.

The meeting is a follow-up to a June summit, when G20 leaders vowed to coordinate "fiscal actions" to boost domestic demand if economic conditions deteriorated.

Since then, the IMF slashed its 2012 global growth forecast to 3.3%, eurozone unemployment rose to a record 11.6% in September and growth decelerated in emerging nations.

g20  |  europe debt crisis

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...