Avoiding a Greek tragedy

Concerted global efforts needed to check inflation in emerging economies and deflation in the developed world

The Greek debt crisis has not only put a question mark on the future of euro, but also increased the risk of a double-dip global recession. At this critical juncture, the major tasks of the Group of 20 (G20) leaders meeting in Toronto, Canada, are how to pursue well-coordinated economic policies, overcome the multiple crises and ensure a strong global economic recovery.

G20 finance ministers and central bank governors agreed at their meeting in April that global recovery, till then, had been better than expected. But shortly after that, with the Greek debt crisis worsening and its spillover effect on Mediterranean countries and some Central and East European countries preparing to join the European Union (EU), the eurozone's market fell into disorder. As a result, the euro dropped and world stock markets tumbled.