German Chancellor Merkel says European debt crisis will dominate G20 weekend summit in Mexico - InfoNews

Current Conditions

Light Rain
1.6°C

German Chancellor Merkel says European debt crisis will dominate G20 weekend summit in Mexico

German Chancellor Angela Merkel delivers her speech prior to the upcoming G20 summit at the Bundestag in Berlin, Germany, Thursday, June 14, 2012. Merkel acknowledged Thursday that Europe’s lingering debt crisis will dominate this weekend’s summit of the world’s 20 most important economies in Mexico, while reiterating her conviction that the crisis can only be solved through a combination of fiscal tightening and structural reforms. (AP Photo/Markus Schreiber)
June 14, 2012 - 3:50 AM

BERLIN - Germany's chancellor says Europe's lingering sovereign debt crisis will likely dominate this weekend's summit of the world's 20 most important economies in Mexico.

Angela Merkel said Thursday in an address to parliament before leaving to the gathering of world leaders that Europe's debt woes "will overshadow all other topics" and all eyes will be on Germany as Europe's biggest economy.

She maintains that she will defend Germany's approach that a mix of fiscal tightening and reforms is the only way to overcome the crisis and to return to sustainable growth.

She says: "We must all resist the temptation to finance growth again through new debt."

Financial officials begin meeting Friday in Mexico's coastal resort of Los Cabos, and national leaders will start assembling two days later.

News from © The Associated Press, 2012
The Associated Press

  • Popular kamloops News
  • Comments
View Site in: Desktop | Mobile