G20 countries disagree on debt defaults

Last weekends meeting of Group of 20 central bank governors and finance ministers from rich and developing nations failed to make much progress as differing views on how best to resolve emerging market debt defaults divided delegates.

The group, which combines the G7 - representing the world's largest economies - and leading developing countries, including China, India and Russia, was created in the aftermath of the Asian and Russian solvency crises in the late 1990s. But the gathering in New

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