G20 leaders meet in Mexico against the backdrop of euro zone debt crisis
Los Cabos (Mexico), June 19 (ANI): Group of Twenty (G20) leaders are preparing to urge Europe to do more to combat its debt crisis.
In his inaugural address, Mexican President Felipe Calderon spoke about the global economic slowdown and the euro zone crisis.
The summit comes after a victory for pro-bailout parties in a Greek election failed to calm markets or ease worries about more turmoil in the global economy.
Heads of state - including German Chancellor Angela Merkel, Russian President Vladimir Putin, U.S. President Barack Obama and Chinese President Hu Jintao - gathered for the summit's first plenary session.
Indian Prime Minster Manmohan Singh also arrived to attend the summit where he is expected to hold meetings and hold discussions with the leaders and discuss the global economic slowdown.
The world's major industrialized and developing economies were set to urge Europe to take "all necessary policy measures" to resolve a crisis that has now raged for over two years, according to a draft communique seen by Reuters that was prepared for a Group of 20 Summit in this Mexican resort town.
President Barack Obama, concerned Europe's woes could upend his re-election hopes, requested a meeting with its leaders on Monday evening.
Earlier he met with Merkel, who as the leader of Europe's biggest economy is under intense pressure to explore bold new short-term measures, but has so far resisted.
Obama's spokesman said the U.S. president was encouraged by the talks, which touched on steps to "increase European integration".
European officials rejected the notion that they were to blame for weakening growth across the globe, and played down hopes for any quick miracle cure for the 17-nation euro zone.
Leaders from the 20 industrialised nations, representing more than 80 percent of world economic output, are expected to deliver pledges to stimulate growth while balancing those efforts against steps to rein in budget deficits.
The G20 leaders are also expected to adopt a Los Cabos Action Plan, pledging to promote economic growth and jobs, investing in infrastructure and promoting trade, while sticking to its pledges to bring down budget deficits.
The Group of 20 was created in 1999 to bring together financial policymakers from traditional economic powers and from fast-growing developing economies such as China and Brazil.
When the global financial crisis threatened to plunge the world economy into a meltdown, it became a forum for world leaders to agree on measures such as extra spending to stimulate their economies and emergency rescue funding for countries unable to fund themselves in debt markets. (ANI)
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