The G20, composed of the world's most powerful economies, come up Friday with an action plan to save the world economic and stabilize the global monetary system, according to an official statement from the Group of 20. The continuing Euro zone debt crisis has dominated the summit.
Italy has agreed to allow the European Commission and the International Monetary Fund (IMF) to monitor its implementation of budgetary reforms that would cut state spending and raise revenue in a bid to prevent the sovereign debt crisis from spreading to the Euro zone’s third largest economy.
Greek Prime Minister George Papandreou survived a vote of confidence in parliament on Friday evening, while indicating that he might be prepared to stand down. Results showed there were 153 votes in favor of Papandreou, with 145 against.
US President Barack Obama defined Cristina Fernández and Argentina “a great friend” of the United States in a meeting between both Head of States. The bilateral meeting Friday lasted around thirty minutes and took place in the Carlton Hotel in Cannes in the framework of the G20 summit.