G7 holds urgent meeting on Eurozone debt crisis
As more and more countries seek international aid, financial markets are increasingly concerned about the risk of instability caused by the crisis in the Spanish banking system, as well as the results of the general election in Greece with the possibility of the country leaving the Eurozone, which will continue to push European financial markets into a dire state.
As more and more countries seek international aid, financial markets are increasingly concerned about the risk of instability caused by the crisis in the Spanish banking system, as well as the results of the general election in Greece with the possibility of the country leaving the Eurozone, which will continue to push European financial markets into a dire state.
On June 5, finance ministers of the Group of Seven (G7) industrialized nations held an emergency meeting to discuss the debt crisis in the Eurozone. Canadian Finance Minister Jim Flaherty said that ministers and central bank governors of the United States, Canada, Japan, the United Kingdom, Germany, France and Italy should increase pressure on European countries to resolve the current situation.
Illustration photo. (Source: Internet)
Speaking to the press, Mr. Jim Flaherty affirmed that the most concerning weakness is the undercapitalized banking system in Europe. Along with that, the applied measures are not strong enough to solve the current situation of bank capital as well as not building a "firewall" to prevent the crisis.
Meanwhile, Russia also announced its readiness to help the European Union solve economic difficulties caused by the public debt crisis.
Speaking at a press conference after the recent Russia-EU Summit in Saint Petersburg, President Vladimir Putin affirmed that Russia is very concerned about the current crisis in the Eurozone, any recession in Europe will directly affect the Russian economy, so Russia is ready to help Europe solve this problem./.
According to (TTXVN) - DT