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February 16, 2013 | By Don Lee, Los Angeles Times
WASHINGTON - Top finance officials of the world's 20 largest economies sought Saturday to allay fear of a currency war, pledging not to target exchange rates to gain a competitive advantage in trade. But the joint statement, issued at the end of a meeting in Moscow of the so-called Group of 20, or G-20, did not single out any country, essentially giving a pass to Japan to keep pursuing its economic policies despite a significant slide in the value of the yen since November. Japan's new government under Prime Minister Shinzo Abe, who will meet with President Obama this week in Washington, had been talking down the yen and has pressed its central bank for more expansive monetary stimulus to break out of its deflationary trap and boost the nation's stagnant economy.
February 15, 2013 | By Don Lee
WASHINGTON -- Top finance officials and central bankers representing the Group of 20 largest economies are gathering in Moscow, and one of their chief concerns this weekend is how to defuse a brewing currency war, or at least the increasing talk of one. Since Japan's Shinzo Abe government began jawboning last fall about the yen being too expensive and pressuring its central bank to pursue more stimulative monetary policy, the Japanese currency has...
June 20, 2012 | By Kathleen Hennessey and Don Lee, Los Angeles Times
LOS CABOS, Mexico - President Obama back-slapped and smiled through another gathering of world leaders this week, but left a meeting of G-20 nations Tuesday in much the same place he was in when he arrived: waiting for Europe to prevent disaster. The Eurozone's debt crisis continues to present a growing menace to the American economy. And that puts Obama in a position all presidents hope to avoid, especially in an election year: His political fortunes could be at the mercy of events out of his control.
June 19, 2012 | By Don Lee and Anthee Carassava, Los Angeles Times
LOS CABOS, Mexico β€” Relief over the pro-euro currency vote in the Greek elections quickly faded Monday amid signs of persistent troubles for the Eurozone, as world leaders grappled with the grim reality that Europe's debt and political crises are far from over. Greek conservatives, who support a bailout for the struggling nation, scrambled to form a coalition government after winning national elections Sunday but fell short of an outright majority in Parliament. Stocks fell sharply in Italy, and the cost of borrowing for Spain reached a euro-era high amid investors' fears that it would become the next Eurozone nation to request a full-fledged government bailout.
June 18, 2012 | By Don Lee
LOS CABOS, Mexico - European leaders appealed for patience from the world as they came under increasing pressure after market relief from the Greek election proved short-lived and Spain came under renewed financial strain. The presidents of the European Commission and European Council, in a news conference shortly after the opening of the G-20 summit, insisted that Europe has the political will to fix the continent's debt crisis. They said they were encouraged by Greece's election outcome, and indicated a willingness to help Athens, once a governing coalition is formed, hit financial targets to meet its bailout obligations.
June 16, 2012 | By Don Lee, Los Angeles Times
WASHINGTON - Leaders of the world's biggest economies are facing pressure to take decisive action to quell the Eurozone crisis at a summit meeting starting Monday, even as they tamp down expectations and brace for Greece to cause more turmoil. Amid widespread anxiety over the Greek parliamentary vote Sunday, the Group of 20 leaders, representing nations that account for nearly 90% of the world economy, will gather for a two-day summit in Los Cabos, Mexico. Expectations are about as low as ever for aG-20 summit.
November 5, 2011 | By Christi Parsons, Washington Bureau
Reporting from Cannes, France -- French President Nicolas Sarkozy convened a select group of European leaders here the other day for a private session in which he welcomed them and then promptly yielded the floor to President Obama. β€œHe said, 'What do you think, Barack?'” one Obama advisor said, recounting a meeting in which the U.S. president acted as panel chairman for a group trying to work its way through some messy continental politics. It was an unusual role Obama played while here for the Group of 20 summit of advanced and emerging nations, where the U.S. president usually spends most of the time in the spotlight by virtue of the power of the economy he represents.
November 4, 2011 | By Don Lee and Christi Parsons, Los Angeles Times
European leaders pressured Italy to accept tighter monitoring of its finances, but they and the other heads of the world's 20 largest economies accomplished little else here to ease a sovereign debt crisis and stabilize a teetering global economy. The Group of 20 nations, concluding a two-day summit Friday at this seaside resort, gave their blessing to the Eurozone's latest plan to dig out of its debt crisis. But the leaders failed to agree on giving the Europeans new money, a key part of the plan.
November 3, 2011 | By Christi Parsons, Washington Bureau
President Obama pledged this morning to stand with European leaders as they work to resolve their debt crisis, amid confusion about what the leading economies can do to save the current plan as it heads into rough waters. While Obama and other world leaders made their way here for a summit involving leaders of the Group of 20 advanced and emerging economies, divisions opened within the Greek government over the wisdom of its tentative plan to hold a referendum on the new European debt deal.
November 3, 2011 | By Christi Parsons and Don Lee, Los Angeles Times
In one international crisis after another, the U.S. has long been front and center in leading the way out. But not this time. As countries with economies as small as Australia's stepped up Thursday to pledge money for Europe's bailout fund, President Obama made no such commitment. Instead, at the summit of major world economies here, he maintained that Europe should rely on its own resources to solve the problem. Nor has the president of the world's largest economy said much publicly about the best path forward for the troubled Eurozone.
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