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G20 meeting in Mexico to focus on European debt crisis

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Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney will join other G20 ministers meeting in Mexico City over the weekend.

A main issue for G20 members during the talks will almost certainly be Europe’s ongoing sovereign debt crisis.

European countries will try to convince other nations to hand over more money to the International Monetary Fund to bolster its defences against further financial destabilization in the area.

Douglas Porter, a senior economist for BMO Capital Markets, said he doesn’t think they’re going to get very far at this stage because the U.S. is still against increasing the IMF’s empowerment.

Canadian officials will likely press Europe to use its own finances for any emergency funds.

Greece remains the most worrisome country facing debt problems, but others such as Spain, Portugal and Italy continue to deal with similar issues.

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