G20 Summit Opens In Cannes Amid Global Economic Fears

The G20 summit began a two-day meeting Thursday with efforts to address global economic problems such as the European debt crisis.

The world is gazing at the event of the group, which presents 85 percent of the global economy, in hopes that a solution would be found for the euro zone crisis which would lead to a slope in world economy growth.

The European countries announced before the summit a draft plan that would lead to writing off 50 percent of Greece’s debt and improving a mechanism that would increase the capitals of banks to protect it from the governments’ failure to pay debt.

The plan also aimed at preventing the debt crisis from reaching other European countries such as Italy and Spain.

The plan, which came out at the Brussels meeting for European leaders late October, had faced a huge challenge with Greek Prime Minister George Papandreou announcing a referendum on it. However, such a step was cancelled due to the European disapproval of the step.

European countries are also trying to get China during the two-day event to partake in a European bailout fund to overcome the current dilemma. Saudi Arabia is the only Arab country partaking in the summit.