Obama arrives for G20 summit in Cannes

3rd November 2011, Comments 0 comments

US President Barack Obama flew into southern France on Thursday to join the leaders of the world's most powerful economies at a G20 summit dominated by Europe's debt crisis.

Obama landed in Nice and his motorcade set off for the resort of Cannes, where he was to hold crisis talks with President Nicolas Sarkozy of France and Chancellor Angela Merkel of Germany before the start of the summit.

Summit host Sarkozy had hoped to use his G20 chairmanship to push for new global financial regulations, but the sovereign debt crisis gripping southern members of the eurozone has hijacked the agenda.

Between them the developed and emerging powers of the G20 account for more than 85 percent of world output, and the leaders fear a Greek debt default will undermine the eurozone and tip the world into a new recession.

© 2011 AFP

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