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G20 leaders consider action plan to boost growth | G20 leaders consider action plan to boost growth |
(about 1 hour later) | |
G20 leaders in Cannes are considering an action plan to boost growth and rebalance the global economy. | G20 leaders in Cannes are considering an action plan to boost growth and rebalance the global economy. |
The plan, a draft of which has been seen by the Reuters news agency, includes China moving "more rapidly" towards flexible exchange rates. | The plan, a draft of which has been seen by the Reuters news agency, includes China moving "more rapidly" towards flexible exchange rates. |
The US will agree to start reducing its debt as a proportion of GDP by 2015. | The US will agree to start reducing its debt as a proportion of GDP by 2015. |
Also at the summit, EU Commission President Jose Manuel Barroso said that Italy had asked the IMF to monitor the implementation of its economic reforms. | Also at the summit, EU Commission President Jose Manuel Barroso said that Italy had asked the IMF to monitor the implementation of its economic reforms. |
The reforms will be based on the package that was outlined by Italian Prime Minister Silvio Berlusconi in a letter to EU leaders last week. | The reforms will be based on the package that was outlined by Italian Prime Minister Silvio Berlusconi in a letter to EU leaders last week. |
Greek problems | Greek problems |
The leaders are also expected to discuss ways to increase the firepower of the International Monetary Fund (IMF). | The leaders are also expected to discuss ways to increase the firepower of the International Monetary Fund (IMF). |
The hope is that increased resources will help the IMF to support struggling eurozone economies, such as Greece. | The hope is that increased resources will help the IMF to support struggling eurozone economies, such as Greece. |
Mr Barroso said that he hoped Greece would stay in the euro, but added that the country would need to take on the responsibilities that come with membership. | Mr Barroso said that he hoped Greece would stay in the euro, but added that the country would need to take on the responsibilities that come with membership. |
Greek prime minister George Papandreou will face a confidence vote in parliament on Friday. | Greek prime minister George Papandreou will face a confidence vote in parliament on Friday. |
Opposition politicians and some members of his government have called for his resignation, following his announcement of a referendum on the austerity measures. | Opposition politicians and some members of his government have called for his resignation, following his announcement of a referendum on the austerity measures. |
The finance minister said on Friday that the referendum has now been scrapped, but the announcement of the referendum caused big market falls earlier in the week. | |
US President Barack Obama said on Thursday that resolving the eurozone debt crisis was "the most important aspect of our task over the next two days". | US President Barack Obama said on Thursday that resolving the eurozone debt crisis was "the most important aspect of our task over the next two days". |
If Mr Papandreou loses the confidence vote then Greece will have to hold fresh elections, which may further delay the implementation of a Greek bailout package. | If Mr Papandreou loses the confidence vote then Greece will have to hold fresh elections, which may further delay the implementation of a Greek bailout package. |
Eurozone leaders have already withheld 8bn euros ($11bn; £7bn) of fresh rescue loans to Greece and there are fears that further delays may see the government run out of cash and default on its payments. | Eurozone leaders have already withheld 8bn euros ($11bn; £7bn) of fresh rescue loans to Greece and there are fears that further delays may see the government run out of cash and default on its payments. |
Italian reforms | Italian reforms |
Italy's decision to call in the IMF to make sure it implements austerity measures is a response to the increasing pressure from eurozone leaders to reduce its debt levels. | Italy's decision to call in the IMF to make sure it implements austerity measures is a response to the increasing pressure from eurozone leaders to reduce its debt levels. |
Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms: AAA-rating The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule. Glossary in full | Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms: AAA-rating The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule. Glossary in full |
On Thursday, six former allies of Silvio Berlusconi wrote an open letter urging him to resign after his government failed to agree economic reforms. | On Thursday, six former allies of Silvio Berlusconi wrote an open letter urging him to resign after his government failed to agree economic reforms. |
The Italian cabinet agreed a limited package of budget reforms at an emergency meeting on Wednesday evening, but they failed to agree to issue a decree implementing the changes, meaning that they must now go to a confidence vote in parliament. | The Italian cabinet agreed a limited package of budget reforms at an emergency meeting on Wednesday evening, but they failed to agree to issue a decree implementing the changes, meaning that they must now go to a confidence vote in parliament. |
"Developments in Italy are a crucial test for the credibility of the anti-crisis framework set by the European Union," said Luigi Speranza of BNP Paribas. | "Developments in Italy are a crucial test for the credibility of the anti-crisis framework set by the European Union," said Luigi Speranza of BNP Paribas. |
In other developments on the first day of the two-day G20 summit in Cannes: | In other developments on the first day of the two-day G20 summit in Cannes: |
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