G8 countries to warn Greece over its massive debt burden

City A.M. Reporter
THE G8 leaders raised the alarm yesterday about government debts weighing down the world economy but pledged at a meeting in France to find funds to help new Arab democracies.

Japan’s deputy chief cabinet secretary, Tetsuro Fukuyama, told reporters the G8 agreed Greece must do more to sort out its finances and work with the IMF to solve its debt crisis.

The Greek government has called emergency talks with the opposition for today as repayment deadlines loom and European officials have warned that aid could be withheld for a country where millions face many years of austerity at best.

EU sources said European members of the G8 – Germany, France, Britain and Italy -- as well as European Union officials would commit in a summit statement from the resort of Deauville to continue efforts to rein in the Eurozone debt crisis.

As another Arab state, Yemen, appeared headed for civil war last night, leaders of the G8 -- the seven Western powers, plus Russia -- called on its president to join those of Egypt and Tunisia in stepping down.

A draft of today’s final summit communique also contained strong censure of the Syrian and Libyan leaders.