Alarmed by faltering euro zone growth, top finance officials from around the globe press their European peers for action to avert a recession. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: Alarmed by faltering euro zone growth, top finance officials from around the globe on Friday were expected to press their European peers for action to avert a recession and ward off deflation. The International Monetary Fund, which cut its global growth forecasts for the third time this year earlier this week, said Europe's weakness was a matter of particular concern. Alongside the annual meetings of the IMF and the World Bank, the Group of 20 that represents major industrial and developing powers and 85 percent of world economic output also meets on Friday, just weeks after gathering in Australia. Global shares hit a six-month low on Friday, while oil prices skidded to their lowest level since 2010. After a long rally, the U.S. dollar was poised for its first weekly drop in three months as traders ramped up bets that the Federal Reserve would have to delay tightening U.S. monetary policy.