Daily News: June 18, 2012

Europe Gets Emerging Market Crisis Ultimatum

Bloomberg reported that European leaders are under pressure at the Group of 20 summit in Mexico to stamp out the debt crisis as global partners hint at help to keep the world economy afloat.

Bloomberg said as elections in Greece reduced the immediate risk of the euro area’s breakup, China and Indonesia signaled growing exasperation with more than two years of European crisis-fighting that has failed to stem the threat of global contagion. World Bank president Robert Zoellick said that policy makers bungled their attempt to rescue Spain’s banks.

The two-day G-20 summit starting today kicks off a week of crisis meetings taking place after Spain this month became the fourth euro-region nation to seek a bailout amid the weakest global economy since the 2009 recession.

To read the full Bloomberg story, click here.