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G20 Summit Leaders Push For Euro Banking Overhaul

Catherine Green |
June 19, 2012 | 10:33 a.m. PDT

Executive Producer

G20 2012 is the seventh meeting of major heads of government, held in Los Cabos. (DonkeyHotey/Flick)
G20 2012 is the seventh meeting of major heads of government, held in Los Cabos. (DonkeyHotey/Flick)
World leaders at the G20 summit pushed for a banking overhaul of Europe's current system to save it from debt catastrophe, Reuters reported.

As the Group of 20 gathered in Los Cabos, the U.S. was a particularly goal supporter of "euro-zone-wide integration" of the banking sector to stop broke countries from attempting to save failing banks.

But the proposal does little to ease concerns about Europe's crisis—especially as Spain's borrowing costs jumped again Tuesday.

Though o a G20 official said no specific time frame has been set for such an overhaul, a draft of the proposal showed G20 leaders were ready to "act together to strengthen recovery and address financial market tensions."

Read the full story here, and check out the Telegraph's live blog of the summit here

Read more of Neon Tommy's coverage on the European debt crisis here

 

Reach Executive Producer Catherine Green here; follow her here.



 

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