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G-20 Snubs Europe’s Pleas for Aid

Additional help for deferred until Europe reviews its financial firewall.

By Alan Crawford, Bloomberg | Updated on February 27, 2012

The Group of 20 nations rebuffed German-led calls to come to Europe’s rescue as it battles the region’s debt crisis, saying any decision on outside help hinges on the euro area delivering more financial firepower within two months.

A European review of its financial firewall against the crisis next month is “essential” before any consideration to “mobilize resources” for the International Monetary Fund, the G-20 said yesterday in a statement in Mexico City. Progress will be assessed in April, when officials gather in Washington for the IMF’s spring meetings.

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