Euro 'permanent bailout fund'

Eurozone members of the G20 may use a permanent bailout fund to buy the debt of member states in financial trouble to help bring down borrowing costs. France says it is currently "an idea, not a decision".

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New Greek Finance Minister taken to hospital after fainting

Incoming Greek Finance Minister Vassilis Rapanos (right) pictured with his new Prime Minister Antonis Samaras. Credit: Reuters

Greece's incoming finance minister Vassilis Rapanos has been rushed to hospital after a fainting spell, said a government official and a source at the bank where he is chairman.

"He felt dizzy and fainted and was taken to hospital where he was given fluids intravenously and will undergo checks," the banking source said.

A government official said he spoke to Rapanos on the phone after he was taken to hospital, where he was in the process of undergoing checks.

Rapanos, the chairman of Greece's biggest commercial bank National Bank of Greece, has been named finance minister in Prime Minister Antonis Samaras's cabinet and was due to be sworn in later today.


Miliband: G20 summit made 'no progress'

Labour leader Ed Miliband will say today that the G20 summit in Mexico made "no progress" on Europe or global employment and growth, during a speech at the consumer group Which? awards.

This G20 summit should have marked a decisive shift towards jobs and growth, which is vital if we are to get deficits down.

Unfortunately this has not happened because too many governments, our own included, seem to think more of the same is the answer.

The result is a summit that appears to offer no progress for Europe and no global plan for jobs and growth. It is a summit of division when the world needs unity. And a summit of inaction when people, in Britain and across the world, are crying out for action.

Cameron in Mexico City to boost business with emerging economy

David Cameron is visiting Mexico City today on a trade mission designed to boost Britain's business links with one of the world's emerging economic giants. The Prime Minister says he regards building trade links with emerging economies as a vital part of his strategy to restore growth in the UK.

It may be that the eurozone crisis is going to continue for some time, in which case the UK must do all it can to put its own house in order and link up with the fastest-growing parts of the world.

– David Cameron

Buying debt of eurozone states 'an idea, not a decision'

Italy has launched an idea which is worth looking at. The idea is the following: that virtuous countries - like Italy, which has taken steps to address its public accounts, can finance their debt at interest rates that are not in line with those countries that are seen to be not making efforts. We are looking for ways to use the ESM for this. At the moment it is just an idea, not a decision. It is part of the discussion.

– Francois Hollande, French President

What next for the eurozone after the G20 summit?

It is understood a scheme being considered to sort out the eurozone financial crisis involves using two bailout funds - the European Financial Stability Facility and the European Stability Mechanism.

Britain is not part of either the EFSF or ESM, so UK taxpayers' money would not be involved.

  • They would buy up loans taken out by governments (known as bonds) in countries like Spain and Italy which are facing near crippling rates of interest
  • Such an intervention may reduce the rate of interest (known as yields) which have soared above 7% in Spain
  • That relieves pressure on governments and makes it cheaper and more affordable for them to keep their economies going


Cameron outlines 'significant agreements' at G20

David Cameron says eurozone countries at the G20 summit agreed "to make all necessary policy measures to safeguard the integrity and stability of the eurozone". The Prime Minster added:

They committed to take steps towards fiscal and economic integration including through a banking union. These are significant agreements. Now the eurozone countries need to get on and implement them. What I have sensed at this summit is that there is a fresh impetus with the eurozone members in terms of using all the mechanisms, institutions and firepower that they have to stand up and support their currency.

Leaked G20 draft reveals 'integrated financial structure' for eurozone

Leaked drafts of the G20 communique expected to be released at the end of the summit spoke of moves to establish a "more integrated financial architecture" for the eurozone.

The draft said the G20 supported:

The intention to consider concrete steps towards a more integrated financial architecture, encompassing banking supervision, resolution and recapitalisation and deposit insurance.

Euro area members will foster intra-euro area adjustment through structural reforms to strengthen competitiveness in deficit countries and to promote demand and growth in surplus countries.

Tsipras: 'Greek rage will force bailout changes'

Greece's radical leftist leader Alexis Tsipras has told Reuters in his first interview since last Sunday's parliamentary elections that "the bailout plan is not viable and cannot go on and now they all recognise this".

Alexis Tsipras of the Syriza party Credit: Reuters/ John Kolesidis

The Syriza party chief predicted that the newly elected Greek government would fail because it was based on "spent political forces", paving the way for Syriza to assume power. Mr Tsipras said Syriza's rapid rise showed how Greeks were channeling their rage at the austerity measures.

Mr Tsipras said that German Chancellor Angela Merkel "must not insist on the mistake of austerity", adding that "Europe cannot march on united if it continues to support these barbaric measures".

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