EU debt crisis to dominate G20 summit

  • Pressure is mounting on Europe as world leaders gather in Mexico for a G20 summit set to be dominated by the eurozone crisis.

    This comes after a victory for pro-bailout parties in a Greek election failed to give markets the expected boost.

    The world's major industrialized and developing economies are set to urge Europe to take "all necessary policy measures" to resolve its financial crisis, according to a draft communiqué prepared for a Group of 20 summit in the Mexican resort of Los Cabos.

    European officials have rejected the view that they are to blame for weakening global growth.

    Europe's debt crisis has forced Greece, Ireland and Portugal to seek EU/IMF bailouts, and led Spain to seek aid for its ailing banking sector.