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G20 leaders meet in Mexico against the backdrop of euro zone debt crisis | Group of Twenty (G20) leaders are preparing to urge Europe to do more to combat its
debt crisis. In his inaugural address, Mexican President Felipe Calderon spoke
about the global economic slowdown and the euro zone crisis. The summit comes
after a victory for pro-bailout parties in a Greek election failed to calm markets
or ease worries about more turmoil in the global economy. Heads of state - including
German Chancellor Angela Merkel, Russian President Vladimir Putin, U.S. President
Barack Obama and Chinese President Hu Jintao - gathered for the summit's first
plenary session. Indian Prime Minster Manmohan Singh also arrived to attend the
summit where he is expected to hold meetings and hold discussions with the leaders
and discuss the global economic slowdown. The world's major industrialized and
developing economies were set to urge Europe to take "all necessary policy measures"
to resolve a crisis that has now raged for over two years, according to a draft
communique seen by Reuters that was prepared for a Group of 20 Summit in this
Mexican resort town. President Barack Obama, concerned Europe 's woes could upend
his re-election hopes, requested a meeting with its leaders on Monday evening.
Earlier he met with Merkel, who as the leader of Europe 's biggest economy is
under intense pressure to explore bold new short-term measures, but has so far
resisted. Obama's spokesman said the U.S. president was encouraged by the talks,
which touched on steps to "increase European integration". European officials
rejected the notion that they were to blame for weakening growth across the globe,
and played down hopes for any quick miracle cure for the 17-nation euro zone.
Leaders from the 20 industrialised nations, representing more than 80 percent
of world economic output, are expected to deliver pledges to stimulate growth
while balancing those efforts against steps to rein in budget deficits. The G20
leaders are also expected to adopt a Los Cabos Action Plan, pledging to promote
economic growth and jobs, investing in infrastructure and promoting trade, while
sticking to its pledges to bring down budget deficits. The Group of 20 was created
in 1999 to bring together financial policymakers from traditional economic powers
and from fast-growing developing economies such as China and Brazil . When the
global financial crisis threatened to plunge the world economy into a meltdown,
it became a forum for world leaders to agree on measures such as extra spending
to stimulate their economies and emergency rescue funding for countries unable
to fund themselves in debt markets.
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