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G20 must act to contain Europe fallout, says Mexico's Calderon

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G20 must act to contain Europe fallout, says Mexico's Calderon


On the eve of the G20 summit in Mexico, the country’s president has called on the world’s biggest economies to do more to contain the fallout from Europe’s debt crisis.

Felipe Calderon wants them to commit to a strong Europe by giving more to the International Monetary Fund’s crisis-fighting resources.

“In the meantime, they (European countries) are discussing mechanisms to make Europe more robust and stronger, in order to move forward and correct not only the current situation, but also to ensure that the future has monetary, banking, government and fiscal mechanisms that allow us to avoid another crisis like the one we face today,” said the Mexican leader.

World leaders have been arriving for the summit in Los Cabos that looks set to be dominated by the elections in Greece and fears that the euro crisis could spread.

In April G20 countries, which account for 80 percent of global production and trade, pledged at least 340 billion euros in new loans to the IMF so that it could help countries hardest hit by the debt crisis.

The British Prime Minister David Cameron has said the G20 must produce a concerted global action plan, including a big European firewall to stop contagion, and comprehensive measures to boost growth.

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