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G20 struggles to keep a grip on fast-moving crisis
Nicolas Sarkozy is hoping for some last-minute deals on reforming the global economy, but the dramatic events elsewhere have stolen the agenda. The French President had high hopes for the G20 summit under his presidency, but Greece is well and truly the word at the Cannes meeting. With nerves rattled over the surprise twists and turns in the European debt crisis, leaders are struggling to keep a grip on fast-moving events. The increasingly important role of the IMF seems to be the new focus in efforts to find solutions, as well as the idea of what observers are calling a financial firewall for countries at risk. Our correspondent at the summit, Stefan Grobe, says: “After a day largely dominated by Greece, the G20 countries are today working on their global homework: an action plan to generate more growth and a substantial increase of the IMF’s firepower should better cushion economic shocks in the future. One country is already on everybody’s mind: Italy.”