Sarkozy, Obama push for financial crisis solution
Sarkozy, Obama push for financial crisis solution
Updated on Thursday, November 03, 2011, 23:36

Cannes: Europe`s debt drama dominated talks among leaders of the Group of 20 leading economies Thursday, with Greece`s government facing potential collapse and European leaders admitting that the eurozone may face losing its weakest member.

US President Barack Obama, Chinese President Hu Jintao and other world leaders began the formal G-20 summit after a morning packed with bilateral meetings and a hurriedly organized meeting of eurozone officials to respond to developments in Greece which risk fracturing Europe`s common currency area and the EU itself.

President Barack Obama said the most important task at the G-20 summit is to resolve the European financial crisis and urged European Union leaders to flesh out details of their ambitious plan to rescue Greece and stabilize financial markets.

French President Nicolas Sarkozy scrambled to save the summit he`s hosting from being hijacked by the tumult in Greece. Sarkozy said he and Obama agree the private sector should play a greater role in helping resolve the global financial crisis.

"We have found a common analysis to make the financial world contribute" to finding a solution to the crisis, Sarkozy told reporters after talks with the US president. He said he welcomed Obama`s "understanding on subjects such as a tax on financial transactions."

Sarkozy and some others in Europe have been pushing for a small tax on all financial transactions that could be used to help poor nations and reduce debts. The Obama administration and several leading economists are cool to the idea, favouring instead fees on the biggest banks.

PTI

Your comment(s) on this article
Toolbox
Print this pages E-Mail Bookmark and Share
Post Comment
     
  Name
  Place
  Email
  Comment
TERMS OF USE:
The views represented here are not neccesarily endorsed by www.zeenews.com and its allied websites. All messages will be moderated and no message that has inflammatory, abusive, derogatory language or any language deemed unfit for publication by the editor will be displayed. Though it will be endeavoured that as many messages as possible be displayed, there will be time lag between the submission and publication of the messages. The website reserves the right to publish or reject any message.

more news
Auto Expo ends, next edition may move out of Pragati Maidan
Diesel car boom in India puts automakers in a fix
‘Auto Expo a serious business, not tamasha’
Auto Show: Voices of disappointment over poor mgmt get louder
Harley-Davidson looking beyond Indian metros for growth
Next year`s auto expo may be two days longer
Toyota launches new Prius, price starts at Rs 27.39 lakh
Auto Expo marred by poor crowd mgmt, general visitors hijack Day 2