G20 Meeting Headlines – October 2011
Posted by Stock Market Guru on 16 October, 2011
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Listing down G20 Meeting held in Paris in October 2011 – Source Reuters
- Euro Zone to fix the DEBT crisis in next eight days
- G20 countries united in fear of EURO crisis but not the action to recover from that
- Saudi Arabia’s central bank is not interested in buying distressed or speculative assets such as troubled European debt and gold and the OPEC member’s banks are well positioned to withstand the euro zone crisis
- The European Central Bank signaled on Saturday it would not abruptly end its bond-buying program now that the euro zone bailout fund EFSF has powers of secondary market intervention and would wait until financial markets stabilize
- Greece bond deal should proceed as agreed
- G20 finance ministers and central bank governors put strong pressure on euro zone leaders at a two-day meeting in Paris to come up with a convincing solution to the bloc’s debt crisis and avert the risk of a fresh global recession.
- Finance ministers and central bankers from the world’s top economies backed a mandatory capital surcharge on big lenders of up to 2.5 percent to be phased in from 2016, dealing a blow to banks hoping for a rethink or delay
- The euro zone’s debt crisis had become the number one short-term challenge for the world economy
- Ensure that banks are adequately capitalized in G20 countries
- Proposals to double the size of the IMF as part of a broader international response to Europe’s debt crisis ran into resistance from the United States and others, burying the idea for now and putting the onus firmly back on Europe.
- A short-lived push by developing economies at G20 talks to give the IMF more resources hinted at the frustration simmering among emerging powers who are powerless to halt a euro zone crisis that is hurting their own prospects.
- October 23 – EU rescue plan must be done immediately
- China will not commit to a quick liberalisation of its yuan currency to help rebalance global growth, at a meeting of G20 financial leaders, but will offer to use expansionary fiscal policy to fuel domestic demand
- Standard & Poor’s cut Spain’s credit rating sending the euro briefly lower and underlining the challenges facing Europe’s major powers as they meet G20 counterparts over the euro-zone debt crisis
- Slovakia finally ratified new powers for the euro zone’s rescue fund
- Japan will urge its European partners at a Group of 20 summit this week to support the continent’s banks with a big-scale scheme, including the European Financial Stability Facility
- G20 to debate dollar’s reserve status – South Africa
- Mulls steps to restore consumer trust in banks
- BRIC (Brazil, Russia, India and China) in talks to boost IMF
- France believes the euro zone’s EFSF rescue fund should be turned into a bank to leverage its firepower and Greek bondholders will have to accept losses higher than 21 percent
Read in details on http://uk.reuters.com/news/archive/G-20?view=page&page=1
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