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Collapse of the G-20 Summit at Cannes

  • Badar Alam Iqbal

    (UGSM-Monarch Business School, Monarch University Switzerland)

Europe is under debt threat, facing the biggest crisis of uncertainty. One of the biggest limitations of global integration of the EU is that small and weak countries could not fall in line with strong economies. This crisis is the example in this regard. The summit at Cannes failed to give a concrete solution to the debt crisis especially in the case of Greece, Italy, Portugal, Ireland and Spain. The crisis in Greece and Italy caused the resignation of two popular Prime Ministers. The debt crisis is pushing the EU in general and Greece, Portugal, Spain, Ireland and Italy in particular into recession. Accordingly, the growth forecast is reduced to 0.5 per cent in 2012 from 1.8 per cent. This paper deals with the major issues, their impact and possible reforms.

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Article provided by E3 Journals in its journal E3 Journal of Business Management and Economics..

Volume (Year): 3 (2012)
Issue (Month): 4 ()
Pages: 0138-0141

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Handle: RePEc:etr:series:v:3:y:2012:i:4:p:0138-0141
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