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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World G20 warns global recovery still fragile: draft AFP - Friday, June 4 Send IM Story Print BUSAN, South Korea (AFP) - – The Group of 20 has warned in a draft communique that the global recovery remains fragile but the document contains no agreement on whether to impose a global bank levy. "The recent volatility in financial markets reminds us that the global economy is still fragile and international cooperation is much needed," Dow Jones Newswires quoted the draft as saying. "We remain in the constant state of alertness; closely monitoring the economy, continuously pursuing well-coordinated economic policies and standing ready to do whatever else is necessary to ensure global financial stability." The draft statement is to be completed by G20 finance ministers and central bankers when they meet Friday and Saturday in the South Korean city of Busan. It comes as the eurozone debt crisis threatens to derail a fragile global recovery, with nations trying to reduce massive budget deficits. Ahead of the meeting, the head of the International Monetary Fund, Dominique Strauss-Kahn, stressed the importance of dealing with eurozone debt problems that have roiled financial markets and sent the euro plunging. "It will be important that emphasis is placed on stimulating growth. Without growth, the debt problems will be much more difficult to resolve, and fostering reforms that will help support growth will be key," he told Yonhap news agency. The G20 communique as quoted by Dow Jones Newswires does not indicate any agreement on the contentious issue of a bank levy to pay for future financial sector bailouts. The text merely says the G20 "agreed to develop, with input from the IMF a set of principles on how the financial sector could make a fair and substantial contribution" to the cost of cleaning up after financial crises. The levy is supported by European powers and the United States but resisted by some developing nations plus Canada and Australia, who argue that they should not have to pay to clear up a mess they did not create. On Wednesday US Treasury Secretary Timothy Geithner sought to prod economic powers towards a set of common financial rules, as he tries to prevent competing national rules from throwing up fresh trade barriers. Geithner said he wanted to "accelerate progress on reaching and putting in place global agreements on the core reforms". Geithner admitted agreement on some key reforms, including a global bank tax, would not come at this week's meeting but said differences were "narrowing". The draft communique also says that the crisis shows the "importance of sustainable public finances and the need for countries with serious fiscal challenges to expeditiously pursue credible, coordinated, growth-friendly and tailored fiscal consolidation". The meeting Friday and Saturday will prepare for a G20 summit in Toronto on June 26-27 of the top developed and developing nations. Recommend Send IM Story Print Related Articles Taiwan demonstrators scuffle with police over trade pact AFP - Friday, June 4 Italy's Generali shows interest in AIA: report AFP - Friday, June 4 G20 warns global recovery still fragile: draft AFP - Friday, June 4 Australia swings to surplus after resources contract revamp AFP - Friday, June 4 GM China sales slow slightly in May AFP - Friday, June 4 News Search Top Stories Obama gets boost in battle against jobless recovery 'Mars crew' locked up for 520 days of isolation BP rocked by ratings downgrades Russia finds 10,000 bombs on sunken German ship Gaza activists hailed as ambassador recalled from Israel More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended 'Mars crew' locked up for 520 days of isolation Al Gore, wife Tipper, to separate US debt tops $13 trillion for first time French archaeologists dig up 30-year-old banquet Oil closes in on Florida, BP saw snags on pipe More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Ocean fish could disappear in 40 years: UN Paris museum burglar grabs 120-million-dollar art haul US team creates first 'synthetic life' More Most Recommended » Elsewhere on Yahoo! 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