G20 Summit: what the world’s leaders say
The following are highlights of comments by leaders and officials ahead of the Group of 20 summit meeting in the Mexican beach resort of Los Cabos on Monday and Tuesday.
“Everybody knows that this meeting is coming at an absolutely critical time. We’re waiting for Europe to tell us what it is going to do. Markets can manage and hedge risks that they are generally aware of. The danger we’re creating is that the pattern of policymaking is increasing uncertainty.”
G7 countries on the Greek election
“We look forward to working with the next government of Greece, and believe that it is in all our interests for Greece to remain in the euro area while respecting its commitments. We welcome the commitment of the euro area to work in partnership with the next Greek government to ensure they remain on the path top reform and sustainability within the euro area.”
“We [China and Japan] agreed to seek further efforts from the eurozone, Germany in particular, as stability in Europe is indispensible. We share the view that it is important to strengthen IMF lending capacity and I feel that China may mention its specific contribution soon.
“To resolve Europe’s problems in the medium to long term, they should take some time to create a financial scheme to restore the health of each bank and stabilize the finances of each country. It’s important for Europe to take time and make further efforts to resolve its own problems. Japan and China agreed to support such efforts through the IMF.”
Min Zhu Guangyao, Chinese vice-finance minister
“China has faith in a strong and prosperous euro zone … China believes the EU has the capacity and wisdom to overcome the sovereign debt crisis….A strong, unified euro zone is good for Europe, good for China and good for the world economy…We believe that Greece should stay in the euro zone to uphold the stability and integrity of the euro zone and Europe.”
Angel Gurria, secretary general of the OECD
“Europeans have to display the awesome firepower that they have at their disposal.
“The fire is in Europe right now and it is affecting the system as a whole. It is no longer just a European issue … One of the problems we’ve had in Europe so far is that the instruments are there but the countries have not decided for different reasons to use them to the fullest.”
Gurria said Greece’s new government is likely to seek to renegotiate the terms of its IMF/EU bailout package. “It is a scenario I see likely and if that is the condition present for Greece to stay and then move on, I would say it is probably something that should be attempted.”
Jim Flaherty, Canadian finance minister
“The situation is not that we’re dealing with impoverished countries here … We’re dealing with some of the wealthiest countries in the world, which is quite different than the situation that the IMF normally deals with,” Flaherty told Global Television.
“The reality is that we have non-European G20 countries that have a lot of hesitation in dedicating resources to the wealthy European countries.”
Agustin Carstens, Mexican central bank governor, on the Greek election result
“It’s news which could be welcomed by the market.”
Posted on June 18, 2012, in Uncategorized and tagged G-20 major economies, Greece, LOS CABOS, Los Cabos Municipality, Mexico, Politics of Greece, Robert Zoellick, World Bank. Bookmark the permalink. Leave a comment.