G-20 meeting focuses on Euro firewall fund

The voice of world toward Europe is rising. The issue of the European sovereign debt crisis is dominating the topic of the G20 meeting. The United States, China, Japan, and even a member country of European Union, Germany are reluctant to fund-raise to the European Stability Mechanism, a permanent fund constructed by Europe, or the International Monetary Fund. Germany, especially, concerns that additional money might ease pressure on the more indebted countries in the euro zone, such as Spain and Italy, to pull back from commitments to undertake structural changes that will be painful for not only governments but also their own citizens. At the same time, any additional contribution by Germany would need public support at home.

Although the European debt crisis is the biggest topic in Mexico G20 meetings, the topic of the sanctions against Iran would be also discussed to gain support on them as the EU and the US expected. The EU will cut off Iranian oil imports beginning in July in order to put economic pressure on Iranian nuclear program.

http://www.nytimes.com/2012/02/26/world/americas/euro-firewall-at-center-of-economic-conference-in-mexico.html?ref=world

Sophia Park