The G20 meeting ended with a pledge to support the ongoing integrity of the euro, and promises to create plans to bring down the borrowing costs of the region’s weakest nations. Nothing was spelled out for how this will work. That is left, presumably, to European leaders who are about to meet at a summit.
The various funds set by the region’s governments to solve the crisis total, by some estimations, over $1 trillion. Added to that is a fund created by the IMF which has a balance of $463 billion. The hurdle which faces leaders of the European governments is that there is no clear plan about how to distribute the money, or whether the sums available are enough. Germany continues to want to press nations with financial problems, most immediately Greece, to hold to plans for severe austerity. A number of other countries, led by France, want stimulus packages matched to government expense reductions.
Douglas A. McIntyre
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