G20 leaders meet to discuss euro debt crisis

Friday, 14 October 2011 10:18

Finance ministers from the G20 countries are meeting in Paris today (October 14th) in an attempt to resolve the ongoing eurozone debt crisis.

The possibility of Greece defaulting on its debts will be the main focus of the sessions, amid fears their woes could spread to other highly indebted countries such as Spain and Italy.

Greece needs its next bailout loan next month to avoid defaulting on its debt, an outcome which now seems likely after inspectors from the European Union (EU), International Monetary Fund (IMF) and European Central Bank reached agreement over further austerity measures in the country.

Earlier today, Standard and Poor's cut Spain's credit rating, citing high unemployment, tightening credit and swollen private-sector debt as the reasons for doing so.

The move comes a week after fellow credit agency Fitch also cut Spain's rating.

Meanwhile, reports suggest countries such as China and Brazil may be preparing to provide funds to expand the European Financial Stability Facility (EFSF) to increase demand and stimulate their own levels of growth.

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