Boudou arrives in Paris to participate in G20 summit

Economy Minister Amado Boudou, arrived to Paris on Friday to participate in a meeting between economy ministers and leaders of the Central Banks of the G20, to try to find solutions to the debt crisis which is currently affecting various European countries, threatening a world recession.

The ministers of the top 20 industrialized and emerging countries, that meet in light of the Head of State summit that will take place in November in Cannes, will start debating tonight during a business dinner in la Cité de l’Arquitecture inside the Chaillot Palace, next to the Eiffel Tower. The worsening of the European crisis left the priorities of the G20 temporary French presidency in the backburner and shifted the focus to the need of implementing urgent measures to stabilize the Euro zone.

However, before the summit begins, Paris echoed the comments of German Chancellor Angela Merkel, who warned that that besides solving the situations of banks in permanent risk, the priority continues to be the regulation of financial markets. Thus, Merkel said that “it’s not possible that those, outside from the euro zone, urge us to fight the crisis, -clearly referring to the US, the IMF and China, and at the same time reject a tax on financial transactions,” like the one Germany is pushing forward, despite the reticence of other member countries of the European Union.

The disagreements over this and other urgent issues, such as the recapitalization of banks and the stabilization of Greece caused that the US, Brazil, China and Tokyo claimed European leaders find a strong solution to avoid the crisis to spread and affect the recovery of the fragile world economy.