G20 recognizes Europe's progress in resolving debt crisis

MEXICO CITY, Nov. 6 (Xinhua) -- G20 finance ministers and central bankers had recognized the eurozone's progress in tackling its chronic debt crisis and urged the U.S. to address its fiscal cliff, a senior Chinese finance official said here Monday.

During an interview with Chinese media, Chinese Vice Finance Minister Zhu Guangyao said the troika -- the European Central Bank (ECB), the International Monetary Fund (IMF) and the European Commission -- was negotiating with Greece over the payment of the next tranche of aid to the country.

Although Greece had made some headway in resolving its debt problem, uncertainties remained, he said.

"November is a crucial month for Greece, as the eurozone finance ministers will meet on Nov. 12 to decide on the release of the next tranche to the debt-wrecked country to avert a disorderly default and exit from the eurozone," he said.

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