Business, Finance & Economics

G20 finance ministers meet in Paris

Russian Finance Minister, Anton Siluanov, (L) is welcomed by Central Bank Governor Christian Noyer (R) and France's Finance Minister, Francois Baroin (C) at his arrival at the Finance Ministry in Paris.



The world's G20 finance ministers were meeting in Paris Saturday with central bankers for a second day of talks on finding a solution to the euro zone debt crisis.

Pressure has been mounting on the euro zone to produce swift measures to contain the crisis which is spreading to banks.

The French Finance Minister Francois Baroin welcomed the delegates for a full day of talks, with Germany, the euro zone's largest economy, promising "clear measures" to confront the situation - which threatens to escalate into a global downturn.

The BBC reported that the talks are expected to be focused on Greece, amid fears that the crisis could spread to Spain and Italy, already in debt, and to and exposed European banks.

(Read more on GlobalPost: Can the euro be saved?)

A primary question centered on whether, as part of a wider global response, the International Monetary Fund (IMF) should become larger, which the BBC says has been met with some resistance by the U.S.

However a G20 source told Reuters that a proposal to inject $350 billion dollars into the IMF had received backing by “some emerging market policymakers”.

Reuters reported:

The IMF's dominant shareholders, including the United States, Japan, Germany and China, are content that the fund's $380 billion worth of resources is enough.

Ahead of the meeting, U.S. Treasury Secretary Timothy Geithner told CNBC television:

"What you need is the clear commitment by the governments, that they will do what is necessary to hold this together and put as much resources behind this as is necessary."

The Paris meeting between finance ministers and central bank leaders comes ahead of a G20 summit on November 3 and 4 summit in Cannes, where France will pass the G20 presidency to Mexico.

In Business, Economics and JobsBusiness, Finance & EconomicsEconomicsPoliticsMiscellaneousAgence France Presse.

Tagged: EuropeFrance.