G20 urges EU leaders to resolve euro crisis

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World leaders on Monday urged Europe to resolve the current euro zone crisis that is threatening the world’s economy. G20 members want the EU to act faster, after pro-bailout New Democracy’s victory in Sunday’s Greek election failed to calm the financial markets.

President of the European Commission Jose Manuel Barroso welcomed the election result and pushed Greek leaders to form a government quickly.

Facing critics who blame the EU for slowing down the global economy, Barroso also said that Europe does not need lessons in democracy nor how to run its economy.

G20 leaders are expected to release a joint statement calling for a coordinated plan to boost growth and create jobs. Major developing economies are also set to agree to more contributions to the International Monetary fund.

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