Julia Gillard enlists Commonwealth leaders to fix Europe

JULIA Gillard will today appeal for support from Commonwealth nations to heap pressure on Europe to tackle its debt crisis as she seeks to build a consensus for global financial change ahead of next week’s Group of 20 meeting in Cannes.

The Prime Minister will use this week’s Commonwealth Heads of Government Meeting in Perth to rally member nations to band together to encourage Europe and the US to take resolute action to contain the economic contagion.

Her call comes as European leaders agreed to ask other countries, including Australia, to help fund their bailout plans for the euro common currency, if necessary, as they scramble to come up with a deal by tomorrow to head off a 2008-style credit crisis.

At one of the most fractious EU summits in many years, the 27 national leaders made it clear they were likely to ask other countries to back their rescue plan directly or through the lender of last resort, the International Monetary Fund.

This would see Australia and other IMF members chip in to help the troubled eurozone.

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