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G-20 officials meet to discuss debt in Europe, US

Associated Press Modified: November 4, 2012 at 9:01 pm •  Published: November 4, 2012
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MEXICO CITY (AP) — Finance ministers and central bank governors from the world's leading economies met in Mexico on Sunday amid growing fears over the global impact of Europe's debt crisis and the stalemate over a fiscal plan in the United States.

The two-day meeting of G-20 financial officials in Mexico City, coming just ahead of U.S. elections and shortly after the annual IMF and World Bank meeting in Tokyo, lacked key players such as U.S. Treasury Secretary Timothy Geithner and Brazilian finance chief Guido Mantega.

Although recent financial talks have focused on the debt crisis in Europe, especially in Greece and Spain, some delegates in Mexico expressed concern over the fiscal situation in Washington.

Mexican finance minister Jose Antonio Meade said that among the issues dealt with at this meeting will be "the fiscal cliff" in the United States, where a package of spending cuts and tax increases are set to take effect unless Congress acts by Jan. 1.

"In recent meetings, the United States has expressed confidence that it will be able to build the political consensuses needed to make adjustments that will send clear signals that a fiscal consolidation is coming," said Meade.

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