After two days of hectic talks in Cannes by top world leaders to resolve the Eurozone debt crisis, the G20 Summit is being seen as a failure. The bigger worry now is that the spillover from Europe will lead to another downturn.
Nicholas Sarkozy, the host of the sixth G20 Summit, was hoping that it would go beyond being just a photo opportunity for the world's most powerful leaders. Gathered in the glitzy French beach town of cannes, he wanted to use the summit as an opportunity to tell the world that a plan to deal with the European debt crisis had finally been made.
But it soon became a Greek tragedy in Cannes with developments in Greece hijacking the G20 agenda.
The idea of a Greek referendum came as quickly as it went.
At a meeting of BRICS (Brazil, Russia, India, China and South Africa) countries on the sidelines of the G20 summit, leaders of emerging economies agreed that any support for debt-ridden Eurozone must be routed through the International Monetary Fund (IMF).
But experts say the G20 summit has ended in disarray with no specifics on how the war-chest of the IMF will be increased. Financial markets have already given their verdict that they are unimpressed with the outcome.
"If anyone thought that the Eurozone crisis, which has been in the offing for the last three years, will melt, as a result of a one-and a half day conference, I think it was an over-exuberance in thinking," Prime Minister Manmohan Singh.
"After two days of very substantial discussions, I can say that we have come together and made important progress to put our economic recoveries on a firmer footing," said US President Barack Obama.
It seemed like a desperate attempt on the part of President Obama to close the summit on a positive note and to send a message that would boost global confidence.But without any concrete plans on the table, the summit is being termed as a failure making the possibility of a second recession more real than ever before.
Nicholas Sarkozy, the host of the sixth G20 Summit, was hoping that it would go beyond being just a photo opportunity for the world's most powerful leaders. Gathered in the glitzy French beach town of cannes, he wanted to use the summit as an opportunity to tell the world that a plan to deal with the European debt crisis had finally been made.
But it soon became a Greek tragedy in Cannes with developments in Greece hijacking the G20 agenda.
The idea of a Greek referendum came as quickly as it went.
At a meeting of BRICS (Brazil, Russia, India, China and South Africa) countries on the sidelines of the G20 summit, leaders of emerging economies agreed that any support for debt-ridden Eurozone must be routed through the International Monetary Fund (IMF).
But experts say the G20 summit has ended in disarray with no specifics on how the war-chest of the IMF will be increased. Financial markets have already given their verdict that they are unimpressed with the outcome.
"If anyone thought that the Eurozone crisis, which has been in the offing for the last three years, will melt, as a result of a one-and a half day conference, I think it was an over-exuberance in thinking," Prime Minister Manmohan Singh.
"After two days of very substantial discussions, I can say that we have come together and made important progress to put our economic recoveries on a firmer footing," said US President Barack Obama.
It seemed like a desperate attempt on the part of President Obama to close the summit on a positive note and to send a message that would boost global confidence.But without any concrete plans on the table, the summit is being termed as a failure making the possibility of a second recession more real than ever before.
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