Developing countries to the rescue at G-20

Developing countries to the rescue at G-20

LOS CABOS, Mexico (AP) — The scene at the just-concluded Group of 20 summit held in this seaside resort would have been unthinkable a decade ago: Hundreds of dignitaries gathered in opulent Mexican hotels and convention halls to hammer out an economic bailout for Europe. Meanwhile, the leaders of Brazil and China kicked in tens of billions of dollars to the International Monetary Fund to rescue downtrodden Spain and Greece. Although the gathering didn’t produce a solution for the ailing euro zone, it did outline the globe’s new balance of power. Developing countries projected optimism and wealth over the summit’s two days, while European and U.S. leaders struggled just to stay solvent.