G20 Failure

The G20 in Cannes looks like ending up as an enormously expensive failure.

It is now highly unlikely that world leaders will announce a figure for the increase in IMF funding, as the Americans are keen to "keep up the pressure" on eurozone to sort themselves out.

The Greek referendum has been cancelled, and it looks likely that the Greek government will fall.

Italy is now under close supervision, as its bond rates rise.

The Chinese will not put a Yuan into the over hyped and poorly structured fantasy known as the EFSF.

All in all this G20 meeting has shown how lacking in real leadership the world really is, just at a time when it needs it most.