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G20 Supports Euro-Zone Bailout

Vows that banks will be "adequately capitalized."

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After a two-day meeting in Paris, the Group of 20 finance chiefs from the world's largest economies issued a statement on Saturday pledging to take "all necessary actions" to help bail out European banks and prevent a disastrous global economic crisis. Officials in Europe and IMF leader Christine Lagarde will meet on Oct. 23 to discuss a new plan to secure euro-zone banks and stabilize Europe's sovereign debt. "We will ensure that all banks are adequately capitalized and have sufficient access to funding to deal with the current crisis," the G20 said in a statement. It also asked the IMF to play a larger role in the bailout and come up with a list of new tools that will prevent a full-scale economic meltdown.

Read it at CNN

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