CANNES, France – World leaders’ efforts to help Europe with its debt troubles were paralyzed Thursday by uncertainty over Greece’s political convulsions and doubts over whether Italy will enact economic reforms designed to save it from financial disaster.
European leaders had meant to use the summit of the Group of 20 leading economies in Cannes, France to get foreign powers like China to help with the debt crisis that has rocked the eurozone for the past two years and threatens to push the world economy into a second recession.
But the foggy situation in Greece — where Prime Minister George Papandreou hopes the opposition will support an unpopular bailout deal — and a lack of details on the eurozone’s tools to keep the debt crisis from spreading, meant all negotiations were put on hold. Europe was simply not ready yet.
“The first thing is for Europe to get its act together so we have a clear picture of what Europe is proposing,” Mac Maharaj, spokesman for South African President Jacob Zuma, told The Associated Press. “We are very interested in a solution and we believe the solution is overdue.”
Whether such a solution would be found in Cannes was questionable on Thursday.
Both French President
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