The spectre of a hard Greek default and euro exit hung over a meeting of G20 leaders
beginning in Cannes on Thursday. U.S. President Barack Obama said after talks with
his French counterpart Nicolas Sarkozy that Europe had made some important steps towards
a comprehensive solution to its sovereign debt crisis but needed to put more flesh
on the bones and implement the plan. The world is counting on the G20 to find a
way out of the crisis, before it begins spreading to other parts of the globe.
“A
lot of what is happening…at the G20 summit in France over the next couple days is
really the inevitable consequences of a three or four year unwillingness of European
politicians, and I would say American politicians as well, to deal with what’s obvious
to most people is paying attention to this debt crisis,” said Kishore Jayabalan, the
Director of the Rome office of the Acton Institute for the Study of Religion and Liberty.
“At some point government leaders are going to have to be frank and tell people
they can’t rely on government benefits indefinitely,” he told Vatican Radio. “The
entire scheme was based promises that can’t be kept.”
Jayabalan said in the
future, people are going to be forced to be more self-reliant, and create their own
opportunities.
Listen to interview by Charles Collins with Kishore Jayabalan: