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G20 leaders aiming for concerted effort

Monday, June 18, 2012

The leaders of the Group of 20 will discuss the European credit crisis and how to contain its repercussions in talks that start on Monday.

The 2 day summit in the Mexican resort of Los Cabos takes place amid growing uncertainty over the global economy.

Japan’s Prime Minister Yoshihiko Noda, US President Barack Obama, as well as leaders of the Eurozone and developing nations will take part.

At the top of the agenda will be how to contain the growing credit crisis in Europe. Spanish Prime Minister Mariano Rajoy will attend the meeting as a guest. He is likely to brief the other leaders on his country’s financial situation as it has asked for a bail-out.

Depending on the outcome of the second Greek parliamentary election on Sunday, concerns over a possible exit by Greece from the Eurozone may intensify. The summit leaders are expected to urge Greece to stay.

Further turmoil in the financial markets may rapidly push the yen higher, which may adversely affect Japan’s economic recovery.

In the US there is growing concern over the future of the European economy.

European nations are likely to be urged to take radical measures to quickly deal with the situation.

The focus of attention is how far the G20 nations can show their solidarity to stabilize the global economy.

Jun. 17, 2012 – Updated 20:59 UTC (05:59 JST)