G20 finance ministers to hold crisis talks in Mexico

G20 finance ministers and central bankers will meet this weekend in Mexico City to discuss the eurozone debt crisis and more money for the IMF following the latest rescue deal for Greece.With the huge Greek pact having provided temporary market relief, they were expected to take a calmer look at the need for structural and fiscal reforms, conditions to boost growth and financial firewalls to avoid contagion.The recovery is still fragile and vulnerable to shocks, and the G20 needs to remain active and alert to downside risks, Lael Brainard, Under Secretary of the US Treasury for International Affairs, said Wednesday.The euro area crisis remains the foremost risk to global growth, and of course to our domestic recovery, she said.In Mexico City we will discuss with our G20 partners implementation of the concrete commitments that were made in the action plan by members in the name of achieving strong, sustainable, balanced growth.The Europeans hope the meeting of treasurers of the main developing and emerging countries will lead to an increase of resources for the International Monetary Fund and contribute to a more permanent solution to the debt crisis.The IMF announced in January it was looking for $500 billion to help it backstop any fallout from the eurozone crisis.We see the need for whats been called the global financial firewall to protect countries against the risk of contagion, IMF spokesman Gerry Rice told reporters in Washington Thursday.