MEXICO CITY: The Group of 20 economic powers will discuss measures aimed at resolving Europe’s debt crisis when they meet in Mexico later this month, President Felipe Calderon said, amid growing fears the bloc’s turmoil could deepen.
Calderon, who chairs the G20 this year, said he expected an “important advance” to be made in resolving the crisis which has roiled financial markets for months.
The June 18-19 meeting in Los Cabos, Mexico, looks set to be dominated by troubles in Europe’s single currency bloc, coming a week after Spain announced plans to seek EU aid for its banks and a day after Greece holds a pivotal election.
“The European crisis affects the whole of the world economy. For this reason, the current summit under the Mexican presidency will seek to bring about the adoption of a comprehensive long term action plan,” Calderon told a news conference.
“This will not only include measures to confront and resolve the European crisis, which is ultimately an economic crisis, but will also put forward concrete measures on public policy in key areas in the realms of tax, finance and monetary policy, which will help to boost global growth in the long term.”
Austria’s finance minister said Italy may need a financial rescue because of its high borrowing costs.
Euro debt crisis to dominate G20 talks
