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Markets steady for aftermath of G20 and Greek elections

Dealing with the eurozone debt crisis and tackling the lack of economic growth are high on the agenda of the forthcoming G20 summit in Mexico.

Leaders of the world’s 20 most developed economies will meet at Los Cabos to thrash out solutions to global economic problems.

The hope is that this time some action will arise from the discussions of the world’s most powerful leaders, rather than the empty promises of many past such summits.

The European Union and eurozone will be represented by José Manuel Barroso, President of the European Commission and Herman van Rompuy, head of the European Council.

Both have been at the helm of the EU during the unresolved eurozone crisis.

High on the agenda will be Sunday’s rerun general election in Greece, Spain’s creaking banking sector underpinned by €100 billion of credit and just how far Germany will go to make the single currency work.

“We will bring to bear the EU’s determined action to deliver a comprehensive response to the sovereign debt crisis: addressing the challenges of vulnerable countries; supporting growth through structural reform and differentiated and growth-friendly fiscal consolidation within Europe,” said an EU spokesman.

“We will reaffirm to our G20 partners our commitment to safeguard financial stability in the Euro Area and its integrity. We will also make clear that we want Greece to remain in the euro area while respecting its commitments. Finally, we will inform our partners of the work we are undertaking to further strengthen and deepen our economic union to match our monetary union.”

In the lead up to the summit, the Euro, Pound and US Dollar showed little movement, but traders are not holding their breath that G20 Los Cabos will deliver any new policies – after all, if the governments had the answers they would have already put them in to action.

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