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Updated Friday, November 4, 2011 1:08 am TWN, AP/AFP



	People march to denounce so-called G-20 hypocrisy regarding tax haven countries in Cap d'Ail, France, Thursday, Nov. 3, on the sidelines of the G-20 Summit of Heads of State and Government in Cannes. The leaders of the world's most powerful economies meet for a G-20 summit on Nov. 3 to confront a European debt crisis that threatens to plunge the global economy into renewed recession. (AFP) Enlarge Photo

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Sarkozy, Obama push for crisis solution at G-20

CANNES, France -- Europe's debt drama dominated talks among leaders of the Group of 20 leading economies (G-20) Thursday, with Greece's government facing potential collapse and European leaders admitting that the eurozone may face losing its weakest member.

U.S. President Barack Obama, Chinese President Hu Jintao and other world leaders began the formal G-20 summit after a morning packed with bilateral meetings and a hurriedly organized meeting of eurozone officials to respond to developments in Greece — which risk fracturing Europe's common currency area and the EU itself.

Obama said the most important task at the G-20 summit is to resolve the European financial crisis and urged European Union leaders to flesh out details of their ambitious plan to rescue Greece and stabilize financial markets.

French President Nicolas Sarkozy scrambled to save the summit he's hosting from being hijacked by the tumult in Greece. Sarkozy said he and Obama agree the private sector should play a greater role in helping resolve the global financial crisis.

“We have found a common analysis to make the financial world contribute” to finding a solution to the crisis, Sarkozy told reporters after talks with the U.S. president. He said he welcomed Obama's “understanding on subjects such as a tax on financial transactions.”

Sarkozy and some others in Europe have been pushing for a small tax on all financial transactions that could be used to help poor nations and reduce debts. The Obama administration and several leading economists are cool to the idea, favoring instead fees on the biggest banks.

Obama said he and Sarkozy discussed developments in Greece “and how we can work to help resolve that situation.” Obama didn't give any details on what the U.S. might do in concert with its European allies.

“The United States will continue to be a partner with the Europeans to resolve these challenges,” Obama said.

Sarkozy is also welcoming Hu Jintao of China as well as the leaders of India, Brazil, Russia and the other members of the G-20 in this city made famous by its annual film festival.

China's President Hu Jintao dined with Sarkozy late Wednesday, after which officials said they might contribute US$100 billion to Europe's bailout fund, but only if they were convinced the investment was safe.

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