MEXICO CITY (Reuters) - Following are comments from policy-makers at the Group of 20 finance ministers and central bankers meeting in Mexico City.
“In principle we support the initiative of the IMF ... If there is consensus we would.”
“Everybody says there is a precondition that Europe makes more effort first.”
“In order to break the adverse feedback loop, it’s crucial for European authorities to implement urgent policy actions, including the consolidation of fiscal accounts” and recapitalization of financial institutions as well as facilitating the deleveraging of households.
“The problems many countries are facing today have a solution if they act decisively and in time. If this is done sooner rather than later we will see a promising future for the global economy.”
“Countries must take painful but necessary actions, as they have been doing.”
“We remain quite optimistic that once investors study this proposal ... there will be high take up” of the Greek debt swap proposal.
IIF‘S DALLARA ON GREEK COLLECTIVE ACTION CLAUSES
”In my discussions ... no decision has been made whether or not they will activate those collective action clauses. This is a matter for them, it is not something we’re involved in.
“Should they decide to activate, of course it does raise concern, including other sovereign issues.”
“The G20 will surely recognize the effort of Italy and will stimulate the Italian government to go on”.
“I don’t know yet if there will be a reference to Italy (and the efforts it is making) in the final G20 communique. G20 deputies have just started working on the communique”.
“Italian prime minister Mario Monti has understood quickly what were the vulnerabilities of Italy and he moved quickly to tackle them. Now Italy has to work on labour market reform. We (as the OECD) are supporting Italian efforts because Italian financial stability is crucial for the euro zone and world economy”.