G20 leaders focus on steps to boost global growth

2011-11-04 16:56:45

G20 leaders on Friday wrapped up a two-day summit with a renewed focus on how to boost the global economy, top Kremlin economic advisor Arkady Dvorkovich said.

The participants of the forum have agreed a plan to enhance global growth and employment, he went on. “The plan contains certain obligations for all of the G20 countries,” Dvorkovich said, without specifying certain details.

European leaders had meant to use the summit of the Group of 20 leading economies in Cannes, France to get foreign powers like China to help with the debt crisis that has rocked the eurozone for the past two years and threatens to push the world economy into a second recession.

But the situation in Greece, where Prime Minister George Papandreou hopes the opposition will support an unpopular bailout deal, and a lack of details on the eurozone's tools to keep the debt crisis from spreading, put negotiations on hold.

On Friday, Greece officially rejected a referendum on the European Union rescue package, offering the government access to billions from Europe on condition it implement a severe austerity program that is immensely unpopular with Greek voters.

Papandreou's government must survive a confidence vote scheduled for late Friday afternoon, after G20 leaders conclude their summit.

During the forum Russian President Dmitry Medvedev called on Greece to take urgent measures that are "not exotic or populist" to resolve its debt crisis, warning: "Countries with excessive debt must urgently begin fiscal consolidation.

"Russia is part of Europe and its problems concern us. We will participate in financial aid programs in EU countries, at least through the IMF," he said.


RIA Novosti