This year’s G20 summit kicks off today in Mexico, but as it is the world leader’s third year in a row that they have had to deal with a eurozone crisis, understandably the Europeans have put in an early shift, the President and President of the Commission meeting with their Mexican hosts overnight.
Among the first of the leaders to arrive was Mariano Rajoy. Spain may not be a G20 member, but the prime minister has been invited as his country is now on the financial frontline.
“Today from the plane I talked with with Mrs. Merkel, Mr. Hollande, Mr. Monti, Mr Van Rompuy, Mr Barroso and Mr. Cameron, and I think that we are going to deliver a message of confidence in the euro. It is clear that Spain will continue trying to reduce public debt because we cannot spend what we do not have, not an administration or anyone else. So, we will continue with reforms,” said Rajoy.
The Greek election result should reassure the markets for a while, so President Barack Obama may get more joy from the Europeans with his calls for growth. But as Oxfam demonstrators in the Los Cabos resort pointed out, growth is an abstract concept when you are starving, and the G20 is overlooking the third world’s needs.