Euro Crisis Shifts To Spain As Merkel Faces G-20 Pressure

By Tony Czuczka and Sandrine Rastello – Jun 19, 2012

(Bloomberg)

Group of 20 leaders focused their response to Europe’s financial crisis on stabilizing banks as the International Monetary Fund raised its lending capacity to shield the rest of the world economy.

Emerging countries boosted their pledges to the IMF’s global firewall, nearly doubling the fund’s resources to $456 billion, at a G-20 summit in Mexico dominated by the global effort to restore confidence in the euro.

President Barack Obama and German Chancellor Angela Merkel, facing pressure from the U.S. and fellow European leaders to do more to stem the crisis, met before the summit after trading accusations in recent weeks over responsibility for the turmoil.

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