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The threat of the EU debt crisis will also be one of the hot topics at the upcoming G20 summit. Will the austerity measures solve the problem, or lead to a second dip in the world economy?
European leaders are preparing to dig in over their austerity measures ahead of the weekend's G20 summit.
German Chancellor Angela Merkel is spearheading the drive to rescue the euro. She has the combined terriers of the US and billionaire investor George Soros nipping at her heels.
Washington has warned Europe that its attempts to save its way out of debt could endanger fragile economic growth.
Soros was even more direct.
George Soros said "By insisting on pro-cyclical policies, Germany is endangering the European Union: I realise that this is a grave accusation but I am afraid it is justified."
Germany, Europe's biggest economy, has activated the union's largest austerity measures worth 80 billion euros.
Spain and France are also planning enormous savings - as is the non-euro using UK.
Berlin has denied it is slamming on the economic brakes with Merkel arguing good savings programmes speed up private consumption because they give people a sense of security.
All fine and good says Soros as long as Germany doesn't insist on taking the rest of Europe with it down the savings path.
George Soros said "Germany can't be blamed for wanting a strong currency and a balanced budget but it can be blamed for imposing its predilections on other countries that have different needs."
The markets will be watching the summit closely - one UK analyst says there's likely to be some tough talking.
Jan Randolph, Head of Sovereign Risk at IHS Global said "The problem is if they continue like this then debt levels will continue to rise and it worries the bond markets that are having to finance these deficits. At the same time - if fiscal policy is tightened too soon - and we are seeing fiscal tightening and austerity moving around Europe - then we run the risk of a double dip, a relapse, because recovery is not in the bag yet - it's not fully entrenched."
So the main question of the summit may well be which is the lesser of two evils.
The threat of economic collapse or threat of a debt crisis.