The Prime Minister condemned the “endless questions and changes” in the eurozone that led to the G20 summit of world leaders ending acrimoniously without a detailed plan. His warning that the crisis is having a “chilling effect” on the economy heightened fears that growth in Britain has stalled.
Following the two-day meeting in Cannes, Germany and France failed to explain how they intended to implement a €1trillion rescue package for the single currency after admitting that they were struggling to raise sufficient funds.
The US objected to proposals to increase substantially the size of the International Monetary Fund, which could directly help countries such as Italy. President Barack Obama made clear that he wanted eurozone countries to do more to solve the single currency’s problems.
Cash-rich emerging economies such as China were also not willing to help finance the eurozone bail-out until the Europeans themselves did more.
President Nicolas Sarkozy warned that a deal involving the eurozone and the IMF could take until February to finalise.
The Telegraph
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