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Sunday 06th of June 2010
June 4, 2010    

G20 finance ministers to meet in South Korea this weekend

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by Kay Murchie

Finance ministers and central bank governors from the world’s top 20 developed and emerging economies are meeting this weekend in Busan, South Korea, with the euro zone debt crisis set to be high on the agenda.

Markets have been in turmoil in recent months by worries over the debt crisis. The crisis led to the EU approving a €750 billion (£651 billion) emergency rescue package to try to prevent the Greek crisis from spreading to other weak euro zone economies.

Speaking prior to the meeting, Sakong Il, chairman of the presidential committee for the G20, told reporters that the G20 supported the rescue deal.

“Regarding the current crisis, the G20 is very vigilant on developments and supports the initiatives made by the EU and the IMF to remedy the problem,” he said. “We have a moderate but pretty solid recovery in place,” he told CNBC television.

They will also discuss the need for common standards across financial markets, including a global bank tax, a move which has been backed by the US and Europe, but not by Canada and Australia.

The summit will be the first G20 meeting for the UK’s new Chancellor, George Osborne, and comes ahead of a summit of G20 leaders in Toronto later this month.

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