Over the weekend the G20 finance ministers met again to discuss a number of topics with the main focus on Europe and how to contain the debt issue. From the meeting the finance ministers announced that Eurozone countries need to put more funds intothe rescue package before the other G20 nations will assist them should they need outside financial help. Currently there is a bailout fund of €500 billion but the concerns are this will not be enough to help a heavily indebted country and UK Chancellor George Osborne said there would be no way the UK will contribute more funds until the Eurozone increase the bailout funds themselves. This news will put more pressure on the likes of Germany who have been propping up the other economies and from this G20 meeting will have to contribute yet more money which could lead to more uncertainty over the financial strength of the single currency economy.
This week see’s a number of data releases set to be announced including European consumer confidence tomorrow morning and UK consumer confidence and US Gross Domestic Product on Wesnesday and then a significant number of data releases on Thursday and Friday as the cycle of economic data starts again for the beginning of the month.
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