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Edition: U.S. Article Comments (0) Video Save Email Print Reprints Most Popular Most Shared UPDATE 2-'South Park' airs 'censored' episode after threat 22 Apr 2010 Thai police tell "red shirts" to clear barricade 22 Apr 2010 Potentially deadly fungus spreading in U.S. and Canada 22 Apr 2010 Exclusive: WellPoint routinely targets breast cancer patients 22 Apr 2010 US Airways ends UAL merger talks 22 Apr 2010 Legalizing pot may kill buzz in California enclave 22 Apr 2010 North Korea torpedoed South's navy ship: report 22 Apr 2010 Pentagon disinvites evangelist who scorned Islam 22 Apr 2010 Thai riot police pull back from "red shirt" barricade 22 Apr 2010 Rig sinks in Gulf of Mexico, oil spill risk looms | Video 22 Apr 2010 Potentially deadly fungus spreading in U.S. and Canada 22 Apr 2010 UPDATE 2-'South Park' airs 'censored' episode after threat 22 Apr 2010 Pentagon disinvites evangelist who scorned Islam 22 Apr 2010 TJX move upscale may blur lines in high-end retail 01 Feb 2010 Exclusive: WellPoint routinely targets breast cancer patients 22 Apr 2010 Caterpillar, Navistar China JV talks progressing 22 Apr 2010 Legalizing pot may kill buzz in California enclave 22 Apr 2010 Woman jailed over cheeseball murder 22 Apr 2010 G20 plots post-crisis path; Greece dampens hopes Emily Kaiser WASHINGTON Fri Apr 23, 2010 12:24am EDT Factbox Factbox: What global finance leaders are doing in Washington Thu, Apr 22 2010 Related News Policymakers' comments at IMF, G20 meetings 12:24am EDT Related Video IMF: World economy still "fragile" Thu, Apr 22 2010 World Bank President Robert Zoellick (2nd L) and International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn (3rd L) attend the G-24 meeting of the spring IMF-World Bank meeting at the IMF headquarters building in Washington April 22, 2010. Credit: Reuters/Yuri Gripas WASHINGTON (Reuters) - World finance leaders gather in Washington on Friday hoping to plot a course beyond the financial crisis but Greece's worsening debt woes served as a stark reminder the global economy remains vulnerable. World | Greece The Group of 20 rich and emerging countries, whose crisis-forged unity helped to end the global recession, must find common ground on controversial matters including regulating banks, rebalancing global growth and giving fast-growing emerging economies more clout. Their talks were likely to focus also on the problems of Greece after the country's gaping budget deficit was revised even higher and investors rushed to sell its already battered debt on Thursday. The G20 has essentially supplanted the smaller G7 club of advanced economies, an acknowledgement that this crisis emanated from the rich world which now needs help from fast-growing emerging powerhouses to solves global problems. The united front, however, may already be fracturing. International Monetary Fund chief Dominique Strauss-Kahn urged the countries to stick close together on regulatory reform so that policies mesh. The sharpest divisions were over bank taxes, with Canada strongly opposed and Britain pushing for support. Finance ministers are expected to discuss two bank tax ideas proposed by the IMF. The Fund will present a report to G20 heads of state who are meeting in Toronto in June. Shin Hyun Song, a senior economic adviser to South Korean President Lee Myung-bak, said bank levies would be the "big theme" of Friday's meeting. The aim is to recoup the cost of bailouts so banks, not taxpayers, pick up the tab, but it is also a way to discourage banks from placing so many risky bets again. "If we look at the bank levy idea more broadly as a means of changing behavior for the better, rather than just raising money, then it is much easier to sell this to other countries who didn't put any public money into the banking sector," he told Reuters. He compared the bank levy to central London's congestion charge: "The primary purpose of that is to discourage people from taking their car into central London," he said. IT'S ALL GREEK In September, when G20 leaders met in Pittsburgh to draw up economic recovery plans, the mood was somewhat more upbeat. Officials summed up their recession-fighting efforts with a two-word proclamation: It worked. Economists widely agree that efforts to pump a combined $5 trillion in stimulus money into the economy and cut interest rates to the bone stopped the free-fall. However, the rescue left most advanced economies shouldering debt burdens approaching World War Two highs, and Greece's fiscal troubles highlighted how risky that can be. While Greece is not formally on the G20 agenda, it was clearly on the minds of officials gathering here -- dominating a G7 session on Thursday night. Athens' problems are somewhat unique in that its data was faulty, disguising the true size of its budget deficit. The European Union's statistics office triggered Thursday's sell-off by saying the hole was even greater than thought. European officials asked their counterparts from the United States and Japan for a "show of support" on Greece when they met at a dinner on Thursday, Japan's finance minister said. When questioned whether Europe asked for U.S. and Japanese support in rescuing Greece from a deepening debt crisis, Naoto Kan said: "Europe expressed such hope, but that is not about money. They seem to have wanted a show of support." Debt burdens in rich countries and massive surpluses in exporting giants such as China are at the heart of the global imbalances the G20 has pledged to combat. A U.S.-backed framework for global rebalancing was broadly embraced in Pittsburgh but implementation may prove tricky, particularly when the policy prescription is unpopular. Reducing imbalances means China and other export-dominated economies must adopt policies to support domestic growth, which means letting currencies rise more rapidly and investing in social safety nets to try to promote consumer spending. That could cool growth in the short run and make it hard to create sufficient jobs for a rapidly growing population. China has rejected pressure from other countries to allow its yuan to rise in value but, after a quieting of criticism from the United States, leaders have signaled they might allow it to resume appreciating. Fellow developing economy heavyweights Brazil and India, plus the European Union, have called for a stronger yuan in recent days although officials arriving in Washington ahead of the G20 meeting made few comments about the Chinese currency. Japan's Kan said G7 ministers did not discuss the yuan. (Reporting by G20 team; editing by Patrick Graham) World Greece Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Greece worries hammer euro, stocks slide TOKYO (Reuters) - Stop-loss selling hammered the euro to a one-year low on Friday on heightened speculation Greece would have to seek a bailout to avoid default, while Asian shares fell, dragged down by resource and financial stocks. | Video Goldman underwrote, invested in Lloyds refinance: report G20 calls subdued so far for stronger yuan Goldman director in focus on Berkshire deal: report Morgan Stanley gets debt extension in Japan: sources Ericsson Q1 lags consensus in tough market » More Top News Obama fires warning at Wall St. President Obama scolded Wall Street for its "furious efforts" against financial reform, saying the U.S. was doomed to another crisis without it. Full Article | Related Story Document: The Wall Street Act Scenarios: How the fight might play out Factbox: Major reform proposals Regulation James Saft: Taxing the bank spoils It's said that if you want less of something, tax it. Will this prove true with the IMF's new bank tax proposals? Commentary Goldman case shows need for overhaul America needs bipartisan reform Making the FAT tax unnecessary Financial Regulatory Forum © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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