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G20 leaders to discuss measures for Euro crisis

Sunday, June 17, 2012

The leaders of the Group of 20 will discuss Europe’s credit woes and ways to stabilize the world economy in their talks in Mexico next week.

The 2-day summit opens in the Mexican resort of Los Cabos on Monday amid growing uncertainty over the global economic outlook.

At the top of the agenda will be how to cope with the credit crisis in Europe as Spain’s borrowing rate has risen sharply after the country asked for financial help from the European Union. Greece’s second parliamentary elections will be held on Sunday with the country’s austerity measures as a main focus.

The G20 leaders are expected to urge Greece to stay in the single currency zone, but pending the outcome of the election, concerns over a possible Greek exit may further destabilize financial markets.

Spanish Prime Minister Mariano Rajoy will attend the G20 meeting as a guest. He is likely to brief the other leaders on his country’s financial situation and plans for an EU bailout.

Eurozone countries are expected to pledge to provide the aid steadily.

The G20 nations are expected to express their support for the measures taken by European nations, but they are also expected to make a strong call on the European countries to handle the crisis more quickly.

Jun. 16, 2012 – Updated 16:26 UTC (01:26 JST)