G-20 Outcome and Impact on U.S. Economy

President Obama joins world leaders in France to try to avert financial crisis.
1:58 | 11/03/11

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Transcript for G-20 Outcome and Impact on U.S. Economy
And now we want to take Q2 France and the big financial summit with major developments -- directly affect your wallet -- Kate. The Chinese with all their cash are hovering in the wings and our David -- is right there tonight to tell us all about it Davis. Diane good evening from France tonight where it's actually Greece's high wire economic gap that sort of hijacked this summit. President Obama here today meeting with top European leaders they are trying to prevent Greece's economy from collapsing. And taking down global markets which it. After hearing the -- here at the summit firsthand Greece's prime minister went home to Greece abandoned his plan to allow the Greek people to vote on the bill themselves. And instead offered of supporting the depleted it. Trying to convince them that this European rescue deal she's the only way to save Greece and the global economy. President Obama huddled with French president Sarkozy and German chancellor Merkel the White House saying today that this European bailout plan with built in protections. He's needed to prevent collapse. The most important aspect of our task is to resolve the financial crisis here in Europe where stocks -- -- beating that -- because of worries over Greece. And not lost to that group photo today China President Hu Jintao quietly standing -- the Chinese have essentially said don't look to us. Reportedly telling European leaders they're confident that Europe has all the wisdom and capability to fix the problem. Beijing has that it could lend billions but if and only if there's proof this bill will work. China of course is already the largest holder of US debt. Of course China does hold three trillion foreign currencies already not looking to -- Greek debt to its portfolio at least not yet and one more note Diane when the president arrived here in camp today famous for its film festival. He said I came to see some movies his attempt at a little bit of humor as they deal with a very serious economic picture here tonight.

This transcript has been automatically generated and may not be 100% accurate.

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