UPDATE 1-G20 deputy finance ministers held call about Europe on Monday-source

(Adds background, dateline withheld to protect source)

Dec 1 (BestGrowthStock) – G20 deputy finance ministers discussed
“the financial situation in Europe” on Monday Asia time in a
teleconference arranged last week, a senior G20 source in Asia
said.

“It’s a tradition of the G20 to share information whenever
there’s an important situation going on,” the source, who took
part in the call, told Reuters on Wednesday.

The source added that the participants reviewed the 85
billion euro($110.7 billion) bailout package for Ireland
announced at the weekend. They discussed what could be done on
the part of the G20, but the source declined to elaborate.

The euro zone’s debt crisis deepened on Tuesday when
investors pushed the single currency lower and spreads on
bonds of fiscally weak member states to new highs amid
concerns they may ultimately be forced to default on their
debts.

European policymakers, who also led a financial rescue of
Greece earlier this year, came out in force to try to calm
markets.

But investors paid little attention, putting Portugal,
Spain and Italy under pressure just days after the EU had
agreed to a rescue for Ireland.

Governments built up huge debts during the global
financial crisis to support their ailing economies and bail
out struggling financial institutions and investors are
concerned about their ability to keep funding big budget
deficits, let alone reduce them.

Asian members of the Group of 20 rich and leading emerging
economies are Japan, China, India, South Korea and Indonesia.
(Editing by Neil Fullick, Asia Economics and Markets Desk,
Singapore)

UPDATE 1-G20 deputy finance ministers held call about Europe on Monday-source