A glum gathering of finance ministers and central bankers of the world’s top 20 developed and emerging economies got underway in Busan, South Korea on Friday.
The troubles of Greece and other heavily indebted European governments are dominating discussions amid fears the euro zone’s financial and banking problems could derail the recovery.
US Treasury Secretary Timothy Geithner praised Europe’s efforts to deal with the crisis but said the challenge is in the execution.
Participants said they do not see any final agreement at this meeting on a tax on the world’s banks to pay for any future bailouts and said rules to make lenders keep bigger reserves of cash will be phased in over a longer time than originally planned.
Whatever is decided it will not satisfy trade union protesters who demonstrated near the meeting site and waved banners that accused the G20 of being “a bunch of elitists who fail to deliver action.”