Business, Finance & Economics

G20 pushes euro zone to fix debt crisis


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 Group of 20 finance ministers pushed Europe to act decisively within the next eight days to resolve the euro zone debt crisis, Reuters reports.

The finance ministers and central bankers of the G20 said they expected an Oct. 23 European Union summit to "decisively address the current challenges through a comprehensive plan,” according to Reuters.

Read more at GlobalPost: G20 finance ministers meet in Paris

Today’s talks revolved around the Greek debt crisis, which is pulling down the rest of Europe’s economy, the San Francisco Chronicle reports.

"Europe needs to get its act together because unless the crisis is put to an end, it will start to affect emerging economies which have enjoyed strong growth," Japanese Finance Minister Jun Azumi said, Reuters reports.

Read more at GlobalPost: Europe starts the week in limbo

However, European officials rejected recommendations from the U.S., the Washington Post reports.

The U.S. and International Monetary Fund officials felt the exclusion of the open-ended use of the European Central Bank as a guarantor of government debt and the swift infusion of public capital into banks could be critical to restoring confidence in the euro region, the Washington Post reports.

But Treasury Secretary Timothy Geithner seemed to approve of the latest EU moves toward an overall strategy to take down the debt crisis, Reuters reports.

"They clearly have more work to do on the strategy and the details, but when France and Germany agree on a plan together and decide to act, big things are possible," Geithner said, Reuters reports. "I am encouraged by the speed and direction in which they are moving."