world leaders slam eurozone footdragging on debt crisis
Last Updated : GMT 10:30:02
Arab Today, arab today
Arab Today, arab today

World leaders slam eurozone foot-dragging on debt crisis

Arab Today, arab today

Arab Today, arab today World leaders slam eurozone foot-dragging on debt crisis

Switzerland - AFP

World economic leaders turned their fire on the eurozone on Saturday at a Davos forum increasingly frustrated by the single currency bloc's struggle to come to grips with its debt crisis. At the forefront of concerns were write-down talks in Greece, which had dragged on into the weekend and now threaten to overshadow an EU summit on Monday designed to showcase the continent's plans to escape the debt trap. But senior officials from outside the eurozone also argued that Europe has not got on top of more long-term problems undermining the single currency, and needs to move further and faster in integrating eurozone economies. "The fact that we're still, at the start of 2012, talking about Greece again is a sign that this problem has not been dealt with," British finance minister George Osborne told a public panel of senior finance officials. "The danger here is that the tail wags the dog throughout this crisis, in other words the inability to deal with the specific problems in the periphery causes shockwaves across the whole European economy and the world economy." Canada's central bank chief Mark Carney, who chairs the international bank regulator the Financial Stability Board, said Europe's woes were holding back the recovery and had effectively cut global growth by one percent last year. European and eurozone officials at the World Economic Forum, an annual get-together of the great and the good in global business and politics, have spent the week attempting to drum up optimism on the debt talks. But as the talking shop drew to an end, Greek leaders were still in talks with private lenders over the details of a plan to wipe 100 billion euros from their sovereign debt -- and thus avoid a messy default. The private creditors said Saturday they were close to concluding an agreement next week. "Further progress was made, building on the understandings reached yesterday (Friday) on the key legal and technical issues," they said in a statement after a two-hour meeting. Meanwhile, Athens was distracted by another dispute, when European officials leaked the claim that Berlin wants the European Commission to take full charge of the Greek budget and oversee its austerity strategy. Greek officials reacted with fury at this attack on their sovereignty, and Brussels was forced to concede that, while it would reinforce its "monitoring capacity", final fiscal responsibility would stay with Athens. The drawn-out debt talks have undermined attempts to contain the crisis and shore up bigger eurozone economies, to the frustration of leaders from the emerging economies and the rest of the developed world. "You need decisive action. You need overkill. Confidence must come from decisive actions from governments," declared Donald Tsang, chief executive of Hong Kong's autonomous regional administration. "Two months ago in Greece you could make do with a 20 percent haircut, now even 50 percent is not easy. Maybe 70 percent is needed, so do it quickly. You need resolution and decisiveness." World Bank chief Robert Zoellick praised the European Central Bank for increasing liquidity for eurozone banks to enable them to buy more sovereign debt, but warned that this could only be a stop-gap measure. "I'm glad the ECB took action. But this buys time, you still have to act," he said, as the world waits to see if Monday's summit will produce agreement on a new "fiscal compact" setting in stone the bloc's deficit-cutting strategy. "No-one is immune in the current situation. It's not just a eurozone crisis it's a crisis that could have collateral, spillover effects in the rest of the world," IMF director Christine Lagarde warned delegates. "Now is the time. There has been a lot of pressure building in order to see a solution come about," she said, urging International Monetary Fund members to give her the 500 billion dollars she needs to stock as a bailout fund. "And it's for that reason that I'm here, with my little bag, to collect a bit of money," she said, to laughter and applause. Osborne, a eurosceptic who is glad that Britain stayed out of the euro, nevertheless said he hoped that Europe would overcome its woes. But in an implicit rebuke for a reluctant Germany, he said this would have to mean "permanent fiscal transfers" between stronger and weaker member states. "That's what is required to make a single currency work," he said, arguing that Europe will either have to make the ECB its lender of last resort, pool its debt through joint eurobonds or through direct budget transfers. Demonstrators, including three topless Ukrainian feminists, made a feisty bid to get Davos' attention and demand more focus on the plight of the worst off, but deep snow and a tight security presence limited their numbers. The Davos forum ends on Sunday, at which point the financial world's eyes will switch to Brussels and Monday's much anticipated EU summit.

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*

world leaders slam eurozone footdragging on debt crisis world leaders slam eurozone footdragging on debt 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*

world leaders slam eurozone footdragging on debt crisis world leaders slam eurozone footdragging on debt crisis

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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