1. G20

    Italy Gets IMF Oversight

    Italian Prime Minister Silvio Berlusconi attends a working session of the European Council at the Justus Lipsius building, EU headquarters in Brussels, on October 26, 2011. The European Commission called on eurozone leaders to deliver a "credible" response to the debt crisis at a crunch summit today as they are scheduled to announce in Brussels a plan to boost confidence in the eurozone after months of indecision and uncertainty. The EU is trying to prevent a full-blown Greek default and limit contagion within the eurozone after Ireland and Portugal also required bailouts and Italy begins to look vulnerable.      AFP PHOTO/ ERIC FEFERBERG (Photo credit should read ERIC FEFERBERG/AFP/Getty Images)

    Eric Feferberg, AFP / Getty Images

    The Group of 20 agreed to an "action plan" Friday to address the global economy by turning its attention to Italy. The financially troubled country agreed to allow the International Monetary Fund to look over its finances every three months to make sure that its $75 billion austerity plan is being carried out. Speaking at the summit, President Barack Obama said that Europe has a “strong partner in us,” but that “European leaders understand that ultimately what the markets are looking for is a strong signal from Europe that they're standing behind the euro." European leaders want a strengthened IMF to help contain the debt crisis, but the United States said the fund should use the resources it already has.

    Read it at The New York Times