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G20 Urges Europe To Take Quick Action

  • RFE/RL

Leaders of the G20 nations at their summit in Los Cabos, Mexico.

Leaders of the G20 nations at their summit in Los Cabos, Mexico.

Leaders from the G20 have called on Europe to take quick action to contain its financial crisis.

Speaking at the end of a two-day G20 summit in Mexico, U.S. President Barack Obama expressed confidence European leaders would take the right action to resolve the eurozone debt crisis.

"First, our friends in Europe clearly grasped the seriousness of the situation and are moving forward with a heightened sense of urgency," Obama said. "I welcome the important steps they have taken already to promote growth, financial stability and fiscal responsibility.

"I am very pleased that here the European leaders said they will take all necessary measures to safeguard the integrity and stability of the euro zone to improve the functioning of the financial markets."

Obama also said that Europe had the resources to solve its problems on its own, suggesting the United States -- still contending with its own economic troubles -- would not be offering any financial pledges to help its international partners.

Russian President Vladimir Putin said he was more worried about the fate of the U.S. dollar rather than the euro, noting overall U.S. government debt amounted to $15 trillion.

European leaders told the G20 summit they intend to work on concrete steps to integrate their banking sectors.

The summit followed elections in Greece won narrowly by the pro-bailout conservative party New Democracy, lifting some worries about the fate of the euro.

With reporting by dpa and AFP
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