G-20 Leaders Fail to Reach Clear Euro Bailout Plan

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World leaders failed to find a lasting solution to the European financial crisis, as the G-20 summit wrapped up in Mexico.

Still, Europe won support from G-20 leaders for an ambitious but slow-moving overhaul of the eurozone.

Meanwhile, pressure is building in financial markets for faster solutions to protect the world economy.

Relief about the future of the euro was short-lived. The elections in Greece showed political progress that took off some of the pressure. However, global investor concerns that the financial crisis in the 17-nation eurozone is far from over.

Spain, the eurozone's fourth largest economy, is a top concern.

"I guess we should be more worried about Spain because it's a bigger basket case; it's a much larger economy, has much more debt. And if there's really an acute crisis in Spain, it looks like they're on the verge," Aaron Task, host of The Daily Ticker of Yahoo! Finance, said.

"I don't know if there's enough money in Europe to really rescue Spain," he said. "They've bailed out Greece a couple of times; I don't know if they have enough to do it for Spain."

Last week, the European Union promised funds for Spain's banking system, but investors see these as stop-gap measures until Europe commits to deeper budgetary and political unification.

This requires eurozone nations to give up more sovereignty and share economic costs, steps that E.U. leaders say will take time.

President Obama left no doubt about his focus at the G-20 economic summit in Mexico. How well the U.S. economy is doing in November could decide who becomes the next president.

"Slower growth in Europe means slower growth in American jobs, so we have a profound interest in seeing Europe prosper," the president said at the summit.

Summit leaders failed to find a permanent solution to the European financial crisis.

The crisis has dragged down U.S. stock markets for more than a year, and with it, the 401(k) retirement accounts of tens of millions of Americans.

Some world leaders angrily blamed the United States for Europe's financial and economic woes.

"This crisis was originated in North America, and many of our financial sector(s) were contaminated by unorthodox practices from some sectors of the financial market," said Jose Barroso, the president of the European Commission.

That's a reference to the 2008 U.S. banking crisis that stopped the global economy in its tracks.

Millions of Americans lost their jobs then and many are still looking for employment now.

European leaders will gather for another summit next week. They say they'll launch the time-consuming process of deeper integration, which will start with a push for a banking union.

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CBN News
Mark Martin

Mark Martin

CBN News Reporter

Mark Martin is a reporter and anchor at CBN News, covering various issues from military matters to alternative fuels. Mark has reported internationally in the Middle East and traveled to Bahrain to cover stories on the U.S.S. Dwight D. Eisenhower. Follow Mark on Twitter @MarkMartinCBN and "like" him at Facebook.com/MarkMartinCBN.