Draft: G-20 will produce plan for global growth

Draft: G-20 will produce plan for global growth

LOS CABOS, Mexico (AP) — The leaders of the world’s largest economies will portray themselves as united behind efforts to boost growth and job creation in order to repair a global economy roiled by fears over the European financial crisis, according to a draft of the statement to be released today at the end of the Group of 20 annual meeting. It’s far from certain, however, that the reassuring words will sooth markets whose harsh judgment of the official response to the crisis appears to be pushing Europe closer to catastrophe by the day. On Monday, less than 12 hours after a Greek election quelled fears that the country could make a devastating exit from the Euro, fears about Spain drove that massive economy’s borrowing costs dangerously close to the level where it would need a bailout.