G-20 Meets amidst Crisis in the Eurozone
The on-again, off-again referendum in Greece has turned the G-20 Summit into a crisis meeting instead of a demonstration of economic stability. What's next for the European Union and what are the consequences for global prosperity? Also, a bi-partisan group of lawmakers say the Supercommittee must consider revenue increases as well as spending cuts, and the blame game in Republican presidential politics.
In Cannes today, Greek Prime Minister George Papandreou met for two and a half hours with Germany's Angela Merkel and Nicolai Sarkozy of France. Then Papandreou went home and told his parliament he was calling off his controversial referendum on the massive bailout designed to keep Greece part of the European Union. But that's only added to the uncertainty facing the G-20 Summitmeeting in Cannes. Nobody knows what Papandreou might do next. Even if there's still support for the bailout, it's unclear where $1.5 trillion will come from, especially with US influence on the wane. Is the EU a safe bet for China? What will China demand in exchange? Is the effort to demonstrate European economic stability now in a shambles?