June 18 - Leaders of the G20 nations arrive for summit against backdrop of raging debt crisis. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY World leaders converged on Mexico's Los Cabos resort on Monday (June 18) as they prepared to urge Europe to do more to combat its debt crisis. The summit comes after a victory for pro-bailout parties in a Greek election failed to calm markets or ease worries about more turmoil in the global economy. Leaders from the Group of 20 countries representing more than 80 percent of world output are set to prioritize growth and job creation against a backdrop of a weakening global economy. Germany's Angela Merkel faces intense pressure to take stronger action for the broader European bloc. But she has rejected calls for joint euro zone bonds and the creation of a "banking union" in Europe. But her counterparts, like new French President Francois Hollande, have doubts about transferring fiscal powers. In Los Cabos, leaders are set to confirm they will double the IMF's firepower with an extra $430 billion in loans. The G20 leaders are also expected to adopt a Los Cabos Action Plan, pledging to promote economic growth and jobs, investing in infrastructure and promoting trade, while sticking to its pledges to bring down budget deficits.