G20, Europe Debt Crisis | featured news

President Obama's political fate could be decided in the debt-ridden nations of Europe. While praising European efforts to address its potential economic crisis after this week's G-20 summit, Obama also said that problems overseas could damage the economy in the U.S. -- and threaten his re-election.

Italy put forward a proposal at a G20 summit in Mexico on Tuesday for the euro zone's rescue funds to start buying the debt of distressed European countries, and the idea is expected to be discussed at a meeting of leaders in Rome on Friday.

More than at any time since the depths of the financial crisis, the world's leaders need to pull together today, end their squabbling and divisiveness, and come up with a concrete plan to get the fragile recovery back on track.

President Obama and the G-20 could not agree on how to add resources to the International Monetary Fund so that it can help with the European debt crisis. G-20 members did say that the IMF should have more tools and money, but decisions on exactly how to do that were put off until next year.

Finance Ministers and Central Bankers from members states within the Group of 20 said Saturday they saw no imminent threat of a recession as the European debt crisis unfolds.