Arab Today, arab today g20 ministers to discuss europe’s financial crisis
Last Updated : GMT 21:17:01
Arab Today, arab today
Arab Today, arab today

G20 ministers to discuss Europe’s financial crisis

Arab Today, arab today

Arab Today, arab today G20 ministers to discuss Europe’s financial crisis

Toronto - Arabstoday

Finance ministers from the Group of 20 will discuss the European debt crisis today, Canadian Finance Minister Jim Flaherty said. Asked whether the crisis was an issue for the G20, Flaherty said: “I’ve been having discussions and I will have more discussions tomorrow morning, and subsequently with my G7 colleagues.” He added: “Those discussions also take place with some of the nonEuropean members of the G20 ... who are concerned around the world outside of the euro zone with the potential consequences of a crisis in the euro zone, particularly a banking crisis.” Flaherty did not provide details about which colleagues he was speaking to and what the result of the talks might be. Leaders of the G20 advanced and emerging economies will meet in Mexico June 18-19 and Europe is likely to dominate the agenda. Yesterday, financial markets were rattled by the deepening problems in the euro zone, as well as by disappointing US jobs data and weak Chinese manufacturing figures, all of which spurred more concern about the global growth outlook. Flaherty said Canada’s economy was in relatively good shape compared with other industrialized nations, although he noted that employment data has been “a bit bumpy” in recent months, and that Canada could be hit by Europe’s troubles. “The real concern right now is Europe of course - the weakness in some of the banks in Europe, the fact they’re undercapitalized, the fact the other European countries in the euro zone have not taken sufficient action yet to address those issues of undercapitalization of banks and building an adequate firewall,” he said. “So this is a continuing concern.” Amid global pressure to end euro zone turmoil rocking financial markets and creating deep economic uncertainty, billionaire investor George Soros said Europe has three months to save the euro, “In my judgment, the authorities have a three months’ window during which they could correct their mistakes and reverse the current trends,” Soros said at an economics festival in Trento, Italy, naming those authorities as Germany and the Bundesbank. “In a crisis, the creditors are in the driver’s seat and nothing can be done without German support,” he said, noting that public opposition to austerity in the eurozone “is likely to grow until the policy is reversed.” The remarks were posted on his website. Greece is heading to the polls for a second time in six weeks after an inconclusive vote on May 6. And with the radical leftist Syriza party, chief opponent of a massive EU-IMF bailout accord, tipped to win this time, the election could lead to Greece quitting the single currency. “I expect that the Greek public will be sufficiently frightened by the prospect of expulsion from the European Union that it will give a narrow majority of seats to a coalition that is ready to abide by the current agreement,” Soros said, referring to June 17 polls in the debt-stricken state. The “crisis is liable to come to a climax in the fall” of the year, he said. “By that time the German economy will also be weakening so that Chancellor (Angela) Merkel will find it even more difficult than today to persuade the German public to accept any additional European responsibilities,” said Soros. “That is what creates a three months’ window.” Soros, a Hungarian-American investor and philanthropist, said austerity measures were having a disastrous effect on the global economy. “The authorities didn’t understand the nature of the euro crisis; they thought it is a fiscal problem while it is more of a banking problem and a problem of competitiveness,” he added. “And they applied the wrong remedy: you cannot reduce the debt burden by shrinking the economy, (but) only by growing your way out of it.” From Arab News

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 g20 ministers to discuss europe’s financial crisis Arab Today, arab today g20 ministers to discuss europe’s financial crisis

 



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 g20 ministers to discuss europe’s financial crisis Arab Today, arab today g20 ministers to discuss europe’s financial crisis

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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