Arab Today, arab today europe crisis leaves french g20 targets
Last Updated : GMT 13:45:24
Arab Today, arab today
Arab Today, arab today

Europe crisis leaves French G20 targets

Arab Today, arab today

Arab Today, arab today Europe crisis leaves French G20 targets

Paris - Arabstoday

Finance ministers, bankers to attempt rescue of global economy.French President Nicolas Sarkozy promised an \"ambitious and humble\" year as leader of the Group of 20 rich and developing economies, and he has a lot to be humble about.Despite a warning earlier this year from Christine Lagarde — then his finance minister, now IMF chief — that a failure to address global imbalances would \"lead us straight into the wall of another debt crisis,\" that is exactly where the G20 has wound up.Now the finance ministers and central bankers gathering for two days of talks here beginning today must explain how they let the global economy run straight towards the edge of a clearly marked cliff — and what they can still do to stop it from falling over it.It was only last February, when the mandarins of finance last met in Paris, that US Treasury Secretary Timothy Geithner said \"The global economy — by almost every measure — is in the best shape it\'s been in at any time in the last two or three years.\"\"I think there is justifiable, growing confidence,\" he said.Finance officials from Brazil, India, Saudi Arabia and elsewhere will now be treated to the spectacle of their European counterparts promising to do \"whatever it takes\" to avert a collapse of the common euro currency.European leaders have asked for more time to figure out how they\'ll achieve that. Sarkozy and German Chancellor Angela Merkel now say such a plan will be ready before the G20 leaders\' summit in Cannes in early November, possibly by the time of an EU summit October 23.That will be too late to give finance ministers and central bankers meeting in Paris something substantial to announce. An official at the French Finance Ministry, speaking on condition of anonymity, in fact appeared to characterise this weekend\'s meeting as just prep for the EU summit.Sarkozy saw the danger of inaction last March, and pledged to avoid it. In March at a summit in Nanjing, China, he said that \"now that the crisis is past\" it was imperative that leaders press on with reforms or else \"the world will slide inexorably back into instability and crisis.\"That foresight was unmatched by execution, however, and the consequences for the global economy are painful — Europe\'s sovereign debt crisis threatens to plunge the world back into a recession that some predict could be worse than that of 2008. Europe\'s banks faced mounting pressure yesterday to boost their coffers to cope with the Eurozone debt crisis amid the rising likelihood that they will have to take bigger losses on Greek debt.As Greek Prime Minister George Papandreou held talks with EU leaders in Brussels, Eurozone officials raced to finalise a response ahead of an October 23 summit to resolve a crisis threatening to spark a new global recession.The head of one major lender, Germany\'s Deutsche Bank, voiced reluctance to recapitalise, saying the debate was \"counterproductive\" and that it was up to governments to restore confidence in public finances. In Paris, the French finance ministry said banks exposed to Greek debt will probably be forced to write off more than the 21 per cent so far proposed in a July Eurozone accord on a second bailout for Athens.\"The discussions are on a cut of 50 per cent,\" a source from a European government said, adding that this was a maximum level and the figure could be lower. On another front, Slovakia was set to hold a new vote on expanding the Eurozone\'s rescue fund.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today europe crisis leaves french g20 targets Arab Today, arab today europe crisis leaves french g20 targets

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today europe crisis leaves french g20 targets Arab Today, arab today europe crisis leaves french g20 targets

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday