European leaders are under pressure at the Group of 20 summit in Mexico to stamp out the debt crisis as global partners hint at help to keep the world economy afloat.
As elections in Greece reduced the immediate risk of the euro areaâ€™s breakup, China and Indonesia signaled growing exasperation with more than two years of European crisis- fighting that has failed to stem the threat of global contagion. World Bank President Robert Zoellick said that policy makers bungled their attempt to rescue Spainâ€™s banks.
â€œI hope that one way or another our European colleagues will reach an agreement on rigorous methods to manage the crisis,â€ Indonesian President Susilo Bambang Yudhoyono, who heads Southeast Asiaâ€™s biggest economy, said in a speech in the Mexican resort of Los Cabos yesterday. â€œThe absence of such methods will have unsettling consequences to all of us.â€
The two-day G-20 summit starting today kicks off a week of crisis meetings taking place after Spain this month became the fourth euro-region nation to seek a bailout amid the weakest global economy since the 2009 recession.
G-20 officials at Los Cabos were still negotiating last night the language to be used in their communique to be issued at the summitâ€™s conclusion. The talks included discussions over ways to stimulate the world economy if needed using language similar to pledges made at Cannes, France last year, a Canadian official said on condition they not be named because theyâ€™re not authorized to be publicly identified.