G20 leaders warn over eurozone debt crisis

Tuesday, 19 Jun 2012, 18:29

 

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World leaders have urged Europe to take the necessary measures to overcome the eurozone debt crisis, the international press reports.

According to BBC News, leaders at a G20 meeting in Mexico voiced concern over what one official described as "the single biggest risk for the world economy".

European commission president José Manuel Barroso also warned that "the challenges are not only European, they are global".

The Guardian says the opening day of talks threatened to deteriorate into a fractious row between the eurozone countries and other non-European members, notably the US.

According to the paper, Barroso insisted that the eurozone crisis lay in the unorthodox policies of American capitalism and that Europe had not come to the G20 summit for lessons on how to handle the economy.

"This crisis was not originated in Europe… seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market," he said.

EU council president Herman Van Rompuy, speaking alongside Barroso, said a draft G20 communication showed "support and encouragement for the euro area countries and leaders and for the European Union as a whole to overcome this crisis".

Elsewhere, the FT says the group has agreed to take action to generate growth and restore confidence "based on country-specific circumstances".

The paper says statements have pledged to take action on growth and jobs based on individual countries following their own preferred paths for nearly two years, with the main interest in precise commitments made by large eurozone countries to resolve the debt crisis.

Elsewhere, according to the Telegraph there is little to suggest that this summit will do any better than it's most recent predecessors.

While the British, Chinese and Americans can prod and urge the Europeans, the paper says the solution needed to end the economic and political turmoil ultimately lies with the governments on the continent.

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