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| Version 1 | Version 2 |
|---|---|
| G20 begins to grapple with crisis | G20 begins to grapple with crisis |
| (40 minutes later) | |
| World leaders are gathering in Mexico for a G20 summit which is expected to be dominated by concerns about the crisis in the eurozone. | World leaders are gathering in Mexico for a G20 summit which is expected to be dominated by concerns about the crisis in the eurozone. |
| The victory of a pro-bailout party in the Greek election did not give stock markets the expected boost. | The victory of a pro-bailout party in the Greek election did not give stock markets the expected boost. |
| Spanish Prime Minister Mariano Rajoy told other European leaders: "I think what we are going to transmit is a message of confidence in the euro." | Spanish Prime Minister Mariano Rajoy told other European leaders: "I think what we are going to transmit is a message of confidence in the euro." |
| Interest rates on Spanish bonds hit fresh highs on Monday. | Interest rates on Spanish bonds hit fresh highs on Monday. |
| BBC World Service economics correspondent Andrew Walker says that while Europe is clearly the big danger, there are also problems elsewhere in the G20, starting with the two largest national economies, the US and China. | BBC World Service economics correspondent Andrew Walker says that while Europe is clearly the big danger, there are also problems elsewhere in the G20, starting with the two largest national economies, the US and China. |
| He adds that the slowdown in India is another important point for the G20 to fret about. | He adds that the slowdown in India is another important point for the G20 to fret about. |
| G20 summits got going in the aftermath of the collapse of Lehman Brothers in 2008. | |
| They rapidly became an important forum for coordinating international economic action. | |
| Now, it would be going too far to call the G20 irrelevant, but the coordination that's needed quickly is from inside the eurozone. | |
| The G20 can beg and harangue the eurozone members. They could also indicate a willingness to throw some cash at the problem, perhaps via the International Monetary Fund. | |
| But it is really Germany, France and the rest that have to take the decisions about how far they are ready to go; how much more integration they can stomach and how much the stronger members are prepared to pay to stabilise the others. | |
| US President Barack Obama was due to meet Russian President Vladimir Putin and German Chancellor Angela Merkel on Monday in the resort of Los Cabos, which is hosting the summit. | US President Barack Obama was due to meet Russian President Vladimir Putin and German Chancellor Angela Merkel on Monday in the resort of Los Cabos, which is hosting the summit. |
| He also met Mexican President Felipe Calderon at the G20, and told him that the Greek election results meant that there was a "positive prospect" of the formation of a Greek government that would address its debt crisis with international help. | |
| Chancellor Merkel said any new government in Greece would have to comply with the promises of the previous one. | |
| "Elections cannot call into question the commitments Greece made. We cannot compromise on the reform steps we agreed on," she said. | |
| President Putin called for rules to allow protectionism for countries facing a financial crisis. | |
| "It is time to stop pretending and come to an honest agreement on the acceptable level of protectionist measures that governments can take to protect jobs in times of global crisis," he said. | |
| "This is particularly important for Russia as our country will join the WTO this year and we intend to take an active part in the discussions on the future rules for global trade." | |
| President Obama had earlier talked about the importance of avoiding protectionism, which is the process of making imports more expensive to protect domestic jobs. |