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E3 Journal of Business Management and Economics

E3 Journal of Business Management and Economics Vol. 3 (4) pp. 0138-0141, April 2012; © E3 Journals; ISSN 2141-7482

Collapse of the G-20 Summit at Cannes

Badar Alam Iqbal 1 *
1 UGSM-Monarch Business School, Monarch University Switzerland
*Corresponding Author E-mail: Department of Commerce Aligarh Muslim University ALIGARH: (UP) India
Accepted 10 March 2012


Europe is under debt threat, facing the biggest crisis of uncertainty. One of the biggest limitations of global integration of the EU is that small and weak countries could not fall in line with strong economies. This crisis is the example in this regard. The summit at Cannes failed to give a concrete solution to the debt crisis especially in the case of Greece, Italy, Portugal, Ireland and Spain. The crisis in Greece and Italy caused the resignation of two popular Prime Ministers. The debt crisis is pushing the EU in general and Greece, Portugal, Spain, Ireland and Italy in particular into recession. Accordingly, the growth forecast is reduced to 0.5 per cent in 2012 from 1.8 per cent. This paper deals with the major issues, their impact and possible reforms.

Keywords: Commodity prices; Double-dip recession; Euro-zone, Fiscal sustainability; Unemployment.

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