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G20 leaders to meet under threat of new global recession

PARIS, October 31, 2011 (AFP) - Leaders of the world's biggest economies meet in Cannes this week as Europe tries to convince markets and US critics that its debt bail-out package is serious and urges China to fund it.
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"I think the result will be welcomed with relief by the whole world, which expected strong responses from the eurozone," Sarkozy said, after a dramatic all-night EU summit in Brussels cobbled together a deal.
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Markets gave the package a cautious welcome, but Washington and the BRICS -- emerging giants Brazil, Russia, India, China and South Africa -- have not yet eased their pressure on Europe to put its house in order.

US President Barack Obama called the measures a "first step".
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Chinese officials have signalled they will not be Europe's saviour and will seek new guarantees and concessions before they agree to invest tens of billions more in European bonds.

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When France took over the rolling presidency of the G20, Sarkozy had grand plans to use the body to push through a raft of global reforms, but he will pass the baton to Mexico at the end of the summit after a tough few months.

He will hope, at least, to get his G20 partners -- who between them lead countries that represent more

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