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G20 step up pressure on Europe

Monday, June 18, 2012 - 00:51

June 19 - G20 leaders meeting in Mexico gather for the traditional 'family photo' as they step up pressure on Europe for a lasting strategy to end financial turmoil. Rough cut (no reporter narration).

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ROUGH CUT - NO REPORTER NARRATION Policy makers from the Group of 20 industrialised and developing nations gather for the traditional 'family photo' in Los Cabos, Mexico, during a summit dominated by the euro-zone debt crisis and the gloomy global economic outlook. World leaders are relieved that parties in favour of an international bail out for Greece won the country's election, albeit narrowly. Now they are stepping up pressure on Europe to outline a lasting strategy to save the euro and end financial turmoil. A draft communiqué prepared for the summit was set to urge Europe to take 'all necessary measures' to resolve the debt crisis that has raged for more than two years. European officials are rejecting any notion that they were to blame for weakening growth across the globe and played down any hopes for a quick miracle cure for the 17-nation euro zone. European Commission President Jose Manuel Barroso said they had not come to the summit to receive lessons on democracy or how to run their economy. Leaders representing more than 80 per cent of world output began the two-day meeting on Monday (June 18) to prioritise growth and job creation against a backdrop of a weakening global economy.

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G20 step up pressure on Europe

Monday, June 18, 2012 - 00:51