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The only problem, yesterday, today and tomorrow, is the open answer to the question of who will pay for this €2.5-3 trillion rescue net? Because we now know that China, which is busy bailing out its own banking system is out of the picture, while the US has its own major problems - the last thing the Fed needs is for the general populace to realize the Fed is once again directly bailing out failing European banks, like it did with Dexia.
So, once again: who pays for this wacky, wonderful, rumor mill, which is the only thing that drives markets these days?
Ratings agency Standard and Poor's downgraded the long-term credit rating of Spain by one notch to "AA-" from "AA" with a negative outlook, due to weak growth, tightening fiscal conditions and high private sector debt.
...Prior to the meeting, South Africa's Finance Minister Pravin Gordhan warned that International Monetary Fund (IMF) and EU resources may be "inadequate" if the eurozone debt crisis worsened.
US Treasury Secretary Timothy Geithner disagreed, saying that both the IMF and EU already had sufficient funds.
He said: "As we look at the world today, the IMF has very substantial, uncommitted, available financial resources.
"Of course, Europe as a whole has resources available to help with the financial problems.
"The problems that they are facing there in Europe are complicated to solve, but well within the resources that Europe has."
Mr Geithner also said the G20 was looking for a "clear commitment" from Europe to deal with the debt crisis.
He told CNBC television from Paris: "What you need is the clear commitment by the governments, that they will do what is necessary to hold this together and put as much resources behind this as is necessary."
He said Europe "is clearly moving" to deal with the crisis...