Prime Minister Dr Manmohan Singh will be leaving tomorrow for Cannes, France to attend the 6th summit of the group of 20 industrialized and emerging economies, G-20. He would be heading the Indian delegation to the two-day Summit and would be assisted by Deputy-Chairman, Planning Commission, Dr. Montek Singh Ahluwalia, who is also India’s Sherpa to the G20 process. The summit is beginning on Thursday. The agenda of sovereign debt crisis in the Eurozone will dominate the summit. Other issues that are likely to be taken up during the summit are reforming the International Monetary system, Financial regulations, Global governance and financing Development. The issues of Fighting corruption, convention on fighting tax evasion, climate, energy and food security may also come up for discussion. India has already made it clear that it would support any reasonable multilateral effort in stabilsing the Eurozone.

Meanwhile, Greek Prime Minister George Papandreou has announced that he will hold a referendum on the latest European aid package to solve Greek debt crisis. Mr. Papandreou told the ruling Socialist party members in Parliament that the command of the Greek people will bind them. Last week eurozone leaders agreed on a 100bn-euro loan to Athens and a 50% debt write-off, in an effort to tackle the euro crisis. However, there have been large-scale protests in Greece against austerity measures demanded by the European Union. Analysts say a referendum could derail the wider deal on the euro debt crisis. The referendum is likely to take place in January.

G-20 is an informal forum that promotes open discussion between developed and emerging market economies and helps to support growth and development across the globe. The G-20 chair rotates among its members and at present France is holding the chair.