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BW Businessworld

Singh, Obama Discuss Euro Crisis Risks Ahead Of G20 Summit

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US President Barack Obama and Prime Minister Manmohan Singh agreed on Thursday on the need to buffer the global economy against risks from the European debt crisis, the White House said.

In a readout of their telephone call before the G20 meeting in Mexico next week, the White House said the two leaders discussed "the importance of steps to strengthen the resilience of the global economy" with a focus on steps to lift growth.

Leaders of the Group of 20 leading industrial nations will meet in Los Cabos, Mexico on June 18-19. Their conversations will be dominated by the European debt crisis.

Authorities in the world's major economies are preparing for a possible market storm or public panic after should leftists win the Greek elections this weekend and cast doubt on the nation's future in the euro zone.

Officials from the G20 nations said that central banks were ready to take steps to stabilize financial markets by providing liquidity and prevent any credit squeeze after Sunday's election.