G20 Summit heats up early on Greek debt issue
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China.org.cn, November 3, 2011
The atmosphere in Cannes is heating up early on Wednesday as eurozone leaders started emergency meetings over the Greek debt issue on the eve of the 2011 G20 Summit.
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The atmosphere in Cannes is heating up as eurozone leaders started emergency meetings over the Greek debt issue on the eve of the 2011 G20 Summit. |
Around 6:00 p.m. local time, French President Nicolas Sarkozy received here German Chancellor Angela Merkel, European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, President of the eurogroup Jean-Claude Juncker and Christine Lagarde, Managing Director of the International Monetary Fund (IMF) for the first meeting about Greece and the eurozone debt crisis.
This meeting and a later one following Sarkozy's working dinner with Chinese President Hu Jintao are unexpected arrangements to respond to Greek announcement of a referendum on European bailout plan to keep the country from default.
Greek Prime Minister George Papandreou took a sudden decision to consult the mass' opinion before implementing more austerity measures as requested by France-German led eurozone bloc on Oct. 31.
This move hit "all Europe" in surprise, Sarkozy said in one of the three statements in a row on Tuesday, announcing emergency meetings with eurozone leaders, foreign lenders of Greek debt and Greek prime minister as well as Greek Finance Minister Evangelos Venizelos, who is reportedly also shocked by the referendum announcement.
The second meeting gathering Mekerl, European institution delegates, the IMF and Greek leader is to take place around 9:00 p.m. local time. Papandreou is said to explain his reasons to leading helpers.
European market generally plunged on Tuesday. However, the market gained ground on Wednesday before the Greek debt meetings with Germany's Dax index ended up 2.25 percent and Britain's FTSE 100 added 1.15 percent.
France's Cac 40 grew up 1.38 percent higher at the close after a day in which it rose and fell 2 percent.
However, the investors keeping close eye on what can result from the pre-G20 meetings are still wary.
According to summit organizer, the French presidency has established partnerships with private sector to reduce the cost of the Summit.
Some 12,000 policemen and gendarmes and 1,500 firefighters are deployed during the G20 Summit.
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