A draft of the statement to be released at the end of the Group of 20 annual meeting today tries to portray the leaders of the world's largest economies as united behind efforts to boost growth and job creation in order to repair a fragile global economy.
It's far from certain, however, that the reassuring words will
sooth markets whose harsh judgment of the official response to the
crisis appears to be pushing Europe closer to deeper catastrophe by
Yesterday, despite encouraging Greek election results, fears
about Spain drove that massive economy's borrowing costs
dangerously close to the level where it would need a bailout.
The statement by the G-20 leaders also includes language that
appears aimed at reassuring investors that Spain's treasury won't
end up eating the costs of the up to 100-billion-euro rescue of
Spain's banks announced this month.