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Ahead of the Bell: G-20 summit begins Monday

341 days ago

By The Associated Press

President Barack Obama is expected to prod European leaders to give some reassurance to world markets when leaders from the Group of 20 meet on Monday.

The Greek election on Sunday appeared to put pro-bailout parties in position to form a coalition government. That's likely to mean more of the same for Greece _ a government willing to work with Europe to solve the country's problems, and no sudden, dramatic exit from the euro.

Of course, Europe's problems continue. Greece still has a crushing debt load and it's not clear how it will be solved. Spain still has a banking crisis. Europe still teeters on the brink of recession _ and that has become the single biggest threat to the U.S. economic recovery.

Obama's advisers see the G-20 summit in Los Cabos, Mexico, as a chance for European nations to add some definition to their plans in an effort to avoid economic calamity.

Obama brings with him the power of persuasion but little else. Of the G-20 collection of emerging and economic giants, only Germany, Italy and France are in the 17-nation eurozone. European leaders say a summit planned for Brussels later this month will be the more appropriate time for action on a crisis response plan.

The G-20 is meant to foster economic coordination between traditional powers and emerging economies. Its other members are Argentina, Australia, Brazil, Britain, Canada, China, India, Indonesia, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, the U.S. and the European Union.

The summit runs through Tuesday.

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