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G20 Back Europe Bank Rescue

Finance ministers from the world’s largest economies pledged Saturday to take “all necessary actions” to stabilize global financial markets and ensure that banks are well capitalized.
“We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with the current crisis,” the Group of 20 finance ministers said in a statement issued after a two-day meeting in Paris.

The meeting comes as officials in Europe move closer to an agreement on a comprehensive plan to secure the banking system and resolve Europe’s long-standing sovereign debt problems.

The plan, outlined by European Commission president Jose Manuel Barroso last week, will be discussed in detail at a meeting being held by the European Council in Brussels on Oct. 23.

“We heard encouraging things from our European colleagues in Paris about a new comprehensive plan to deal with the crisis on the continent,” said U.S. Treasury Secretary Tim Geithner in a statement.

Geithner added that European leaders “clearly have more work to do on the strategy and the details.”

But he sounded optimistic about the support the plan has received from Europe’s two largest economies. “When France and Germany agree on a plan together and decide to act, big things are possible,” he said.

via G20 finance chiefs back Europe bank rescue – Oct. 15, 2011.

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