G-20 Rejects Extra Help For Europe’s Debt Troubles

In Cannes, France, the economically suffering European countries were unable to convince the G-20 leaders to help their situation. The G-2o leaders said that "Europe needs to help itself first," before the IMF steps in. The eurozone countries had difficulty receiving support because of the political turmoil in Greece.

An interesting observation about this G-20 meeting was the apparent shift of power from European countries, who had difficulty securing help from the IMF, to countries such as China, Brazil, and South Africa. Becca Feddor. This shift in power might be an example of economic power moving to developing countries who are taking advantage in the international political economy to boost own economies. If countries such as Italy and Greece continue to suffer, this could be an advantage to developing countries economies, which could take their place in the global economy.

http://www.suntimes.com/news/world/8616624-418/g-20-rejects-extra-help-for-europes-debt-troubles.html