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Report: Geithner to Focus on EU at G20 Meeting

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  • Description

    FBN’s Rich Edson breaks down the latest news from the G20 summit in Mexico.

  • Duration 2:15
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Welcome back to the Fox Business special report leaders of the world's largest economy is gathering lots couples Mexico tonight.

Ahead of the two day -- summit.

The meeting comes just -- Greece's pro bailout Conservative Party won the national elections there.

Fox -- rich Edson is live in the -- -- hot California desert desert resort.

Joining us now with more rich.

Will we get anything tangible out of this summit.

Well Jerry US officials are saying even a credible plan moving towards a credible plan.

Or hearing something especially from the German chancellor that they are at least.

Moving to something here on this front we've been doing this for two and a half years now Jerry can create confidence can create.

Time the US officials acknowledge Jerry this is not something they're expecting to hear concrete plan come out of the G-20 the next couple of days.

They just want to get a progress report President Obama is on his way right now.

From Chicago he should be here in just a few hours other leaders are here major meeting has been added to -- schedule President Obama will meet.

With the German Chancellor Angela Merkel while he's here and then throughout the next couple of days with President -- Of Russia president Calderon of Mexico and president who.

Of China US officials are saying they wanna hear from Europe what their status is they want to hear some progress about banking union and otherwise -- central.

Banking supervising force something along the lines of deposit insurance essential deposit insurance moving towards a larger fiscal back up.

Where's this money going to come from to make sure it's backing up loans and lowering interest rates for some of the eurozone countries and of course.

Growth the eurozone is moving towards growth in other words spending government money and some of the weaker countries especially on infrastructure.

To try to get growth going that of course a byproduct of the French elections.

And something the United States has been pushing for as well.

The -- it's not just about the US and others around the world hearing from the eurozone it's about folks hearing about the United States first off.

-- countries like China that want to know we're getting our deficits under control.

And on top of that that fiscal cliff remember all those tax increases and spending cuts that hit on January 1.

That's something that that could certainly lead to a massive cut in growth in the United States and so leaders here wanna hear how the US plans on dealing -- that.

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