World's top exporters trying to stabilize global economy

PanARMENIAN.Net - The world's top exporters led by China and Germany will attempt to stabilize global economy knocked off kilter by the European debt crisis with a pledge Friday, November 4, at the G20 summit to boost domestic consumption.

Even as Greece dithered over a planned referendum on an EU bailout package for the highly indebted state, China warned that the eurozone crisis will persist and its negative impact expand.

With his job on the line as the Greek parliament takes a confidence vote Friday, Greek Prime Minister George Papandreou said he was ready to drop a plan to put the rescue package to a popular vote which incensed European leaders.

To ringfence the European problem, the world's biggest economies will also agree at the second and final day of the meeting to bolster the International Monetary Fund's resources to help tackle the debt crisis.

Non-EU leaders lectured Europe at the opening of the G20 summit, with Russian President Dmitry Medvedev saying: "In my opinion, our partners' actions need to be much more dynamic and decisive to bring about order."

US President Barack Obama also said the G20 leaders' top priority was to conquer the European crisis, which has spooked markets and which Japanese Prime Minister Yoshihiko Noda warned risks provoking a "chain reaction" through the global economy, AFP reported.