G-20 Saved World Economy: Obama

Meanwhile, the G20 wrestles with Greece mess

(NEWSER) - Things aren’t looking good for George Papandreou ahead of tomorrow’s confidence vote: The Greek prime minister has lost several key supporters over his shocking plan to put the EU bailout to a vote on Dec. 4—and now has a majority of just one, Reuters reports. Greece's use of Europe's common currency "cannot depend on a referendum," said Finance Minister Evangelos Venizelos as he broke with Papandreou today. Papandreou called an emergency meeting of his Cabinet after Venizelos’ defection, the Washington Post reports. If he cannot scrape by with his slim majority on tomorrow’s vote, he will lose his job and the referendum will likely not occur; there is also speculation his own party will ask him to resign. More»

Chinese Internet addresses cited in attack seeking G20 docs

(NEWSER) - Hackers have broken into French finance ministry computers in a “spectacular” attack, prompting the government to take 10,000 machines offline, AFP reports. The attackers reportedly sought information "related to the French presidency of the G20 and to international economic affairs," says a security official. The cyberattack occurred in December, and has been linked to Chinese Internet addresses. The government has leads in the case, said the country’s budget minister. More»

French, American presidents meet at White House

(NEWSER) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that the US dollar should be used less often as an international reserve currency—Sarkozy acknowledged that the dollar has a "key role." More»

No one has any solutions to our mercantile imbalances

(NEWSER) - Here’s the electrifying agreement the G20 reached in Seoul: They vowed to create guidelines for rectifying trade imbalances—by the next G20 meeting. “Thank you, Baby Jesus, for this smoking hot procrastination,” writes Tunku Varadarajan in the Daily Beast . Basically, it was the same old story: China and Germany want to keep the dollar high so we’ll buy things from them. “And we’d like somebody—anybody—to buy things from us, but we only make the McRib sandwich, and that, too, for a limited time.” More»

That's one quick theme emerging from the summit

(NEWSER) - Look like a theme is emerging from the G20, at least judging by a spate of instant-analysis headlines now moving. And the White House won't like it:

• New York Times : "Traveling in Asia, Obama's Glow Dims"
• Wall Street Journal : "China's Hu Rebuffs Weakened Obama at Summit"
• Independent : "Summit marks shift in power to the East"