Leaders call for Europe to fix finance woes
LOS CABOS, Mexico (AP) – European leaders at the G-20 summit struggled to reassure the world Monday that they were on the path to solving their continent’s relentless economic crisis, defending the pace of their response even as market pressures pushed Spain closer to needing a bailout that would strain the world’s ability to pay.
Less than 24 hours after an election that eased fears of a Greek exit from the shared euro currency, the interest rate that Spain pays on its debt surged above the 7-percent level that had forced Greece, Portugal and Ireland to seek international help.
The prospect of a bailout for Spain’s $1.39 trillion economy immediately eclipsed the good feeling at the G-20 from the election, and it dwarfed the host country Mexico’s expressions of confidence that the meeting of the world’s largest economies would lead to more than $430 billion in concrete commitment for the International Monetary Fund as insurance against future bailouts.
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