Group of 20 leaders prodded Spain to spell out details of its bank bailout as the deepening debt crisis in Europe exposed tensions among the world’s biggest economies.
With Greece on a financial lifeline and Spain asking for as much as 100 billion euros ($127 billion) in aid for its blighted banks, emerging economies pledged more money to stem the turmoil while chastising the euro area’s guardians for damaging market confidence.
With European Union leaders preparing to discuss the path to closer political and economic union at a summit in Brussels on June 28-29, G-20 leaders held their second straight summit dominated by the contagion from Europe.
No one thinks the EU “is the only source of the problem,” Monti said Monday. The crisis “had its origins in imbalances in other countries, including the U.S.”