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World leaders arrive at G20 summit

3:48 AM, Jun 18, 2012   |    comments
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LOS CABOS, Mexico -- Leaders of the world's largest economies are assembling at a Mexican desert resort for the G20 summit which begins Monday and there's a sigh of relief over the Greek election.

Politicians and businessmen already in Los Cabos appear deeply relieved that Greece's pro-bailout New Democratic party won the national election.

A vote against that party could have forced Greece to leave the euro currency, with potentially catastrophic consequences for other ailing European nations and the global economy.

President Barack Obama, who is attending the summit, is searching for bolder, swifter signals from Europe that it will contain its financial mess and keep it from torpedoing the U.S. economy and his re-election chances along with it.

Before the Greek results were in, Christine Lagarde, head of the International Monetary Fund, told world business leaders that she's confident Spanish and European leaders will succeed in launching a bailout program for Spain's banking system.

Miguel Angel Gurria, the secretary-general of the Organization for Economic Cooperation and Development, says policy makers must step in to prevent countries from going into default.

(Associated Press)

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