G20

Italy Gets IMF Oversight

G20 reaches "action plan."

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.