WB head: Preventing crisis 'true test' for G20
WASHINGTON. October 29. KAZINFORM The true test for the G20 will be whether it can prevent a future financial crisis, World Bank Group President Robert Zoellick said Friday ahead of the upcoming G20 summit in Cannes; Kazinform refers to China Daily.
"The world economy is hobbled not only by large deficits and troubled banks, but by joblessness and slow growth," Zoellick noted in an article carried on the website of the Washington Post Friday.
At the G20 summit to be held in France this coming week, the euro zone will present its new plan to recapitalize and strengthen European Union banks, using its new European Financial Stability Facility to enable Italy and Spain to roll over government debts, while assisting Greece, Portugal and Ireland, and easing the debt load on Greece to give it a chance of recovery, he added.
"Developing countries' economic growth has helped compensate for the lackluster performance of developed nations, but they are hardly immune to the shocks coming out of industrialized countries, " Zoellick noted; Kazinform cites China Daily.
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