Eurozone leaders were disappointed in their quest to find contributions to the European Financial Stability Facility at the conclusion of the G20 meeting in Cannes, France, on Friday, with all interested nations holding back until more details for the final structure of the beefed-up fund are worked out.
Greece’s flirtation with a referendum on its latest bailout package overshadowed the G20′s main goals, which included French President Nicolas Sarkozy’s objectives of possible changes to the global financial system and measures to combat commodity price volatility.
G20 leaders urged the eurozone to resolve its issues, and postponed until 2012 any additional assistance to the International Monetary Fund to address the financial crisis. Reuters reported that Australian Prime Minister Julia Gillard’s words reflected the overall mood of attendees when she said, “Europe needs to get its own house in order.” German Chancellor Angela Merkel said in the report, “There are hardly any countries here which said they were ready to go along with the EFSF.”