The leaders of the Group of Twenty major economies on Tuesday pledged to safeguard the integrity of the Eurozone.
“Against the background of renewed market tensions, Euro Area members of the G20 will take all necessary measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks,” the G20 leaders said in a declaration adopted following the G20 summit in Los Cabos, Mexico.
“We welcome the significant actions taken since the last summit by the Euro Area to support growth, ensure financial stability and promote fiscal responsibility as a contribution to the G20 framework for strong, sustainable and balanced growth,” they said.
The leaders welcomed Spain’s plan to “recapitalize its banking system and the Eurogroup’s announcement of support for Spain’s financial restructuring authority,” the statement runs.
“We look forward to the Euro Area working in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the Euro Area,” the leaders said.