This is the text of an open letter from Prime Minister Julia Gillard and Treasurer Wayne Swan to G20 leaders.
The G20 met at the Los Cabos resort in Mexico. Various reports suggest the letter was not well received by other leaders.
The G20 is the “Group of Twenty Finance Minister and Central Bank Governors” from 19 countries plus the European Union. The countries are: United States, Canada, Australia, Saudi Arabia, India, Russia, South Africa, Turkey, Argentina, Brazil, Mexico, France, Germany, Italy, United Kingdom, China, Indonesia, Japan and South Korea.
The G20 Los Cabos Summit comes at a challenging time. Risks in Europe have intensified significantly in recent weeks.
Increasing concerns over Greece and the stability of the Spanish banking sector are adversely affecting global financial markets and moving us quickly into crisis management mode. [Read more...]