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The Greek crisis and the possibility of an output of Athens in the euro area have dominated discussions at the first day of the summit of the G20 countries in Cannes. The day ended with a press conference by French President Nicolas Sarkozy. He felt that the message Wednesday night by Germany and France to Greece on his proposed referendum had allowed a "consciousness" which, "if it is confirmed, would be welcomed by everyone." Parallel to statements by French President Angela Merkel has warned it expected Greece's actions rather than ad: "For us, it is actions that count." For her, the stability of the euro is indeed a higher priority as ensuring the maintenance of Greece in the euro area.
During the day, Greek Prime Minister George Papandreou suggested that his plan to submit to referendum the bailout of the euro zone could be abandoned. After negotiations within the government, Mr. Papandreou would eventually agreed to démisionner, under pressure from his Finance Minister, subject to obtaining the confidence of Parliament on Friday. >> Read our lights: Greece Can get out of the euro area? U.S. President Barack Obama devoted part of his discussions with his counterparts in French and German, as a prelude to the opening of the summit, the crisis in the continent. "The most important aspect of our work over the next two days is to solve the financial crisis here in Europe," he said.
At its press conference, Nicolas Sarkozy also reiterated his confidence in the strength of the Italian economy, threatened with contagion. He said he "noted with interest" the new anti-crisis measures that the country has made on the sidelines of the G20, adding: "I would say my confidence in the Italian economy, which is one of the strongest economies in the world. C is the third largest economy in Europe, perhaps the seventh or eighth largest economy in the world. Italy is a truly remarkable tradition of entrepreneurs. " The Italian Prime Minister Silvio Berlusconi came to the G20 without being able to validate the anti-crisis measures by the government, tried to reassure his country's ability to repay its debt.
According to a draft action plan for growth discussed at Cannes, Italy is committed to approaching a balanced budget in 2013 and rapidly reduce its debt ratio to GDP from 2012. At about 120%, the ratio of debt to GDP in Italy is the largest of the major European countries. "There are now discussions [G20] to erect a firewall around countries such as Italy and Spain", for his part, said an Indian official. >> Read our lights: debt crisis: how Italy got there? * Emerging markets and the question of changes in a draft final communique obtained by Reuters, indicates that the G20 is working on the establishment of an international monetary system (IMS), which would better reflect the weight of emerging economies.
The group also agreed on the need to adjust the basket of special drawing rights (SDR) of the International Monetary Fund (IMF) to better reflect the changing roles of currencies. This adjustment could be a step towards better integration of currencies, as the Chinese yuan. However, the draft statement says nothing greater flexibility of exchange rates requested by the United States but opposed by China.
The United States, and to a lesser extent Brazil, pushed for the adoption of a stronger vocabulary, equivalent to an implicit commitment of China to move faster to a flexibility of its currency, the yuan. Like last year in Seoul, China seems determined to resist pressure and to defend the management at their own pace in the exchange rate of the yuan. With the uncertainties that collect around the euro area and the desire of Europeans see China contribute to their emergency fund, the risk is that the issue of currency does not move. According to sources from emerging countries, the G20 should be satisfied with the words of the communiqué of the G20 Finance held last month in Paris.
At this summit, the G20 finance ministers had simply agreed to continue "their efforts to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals ".
The G20 will accept in its final communiqué, a possible increase of IMF resources by the willing. "States that so request, to the fall of 2012, bilateral increase their participation in IMF resources," said a source close to the negotiations. The fund's resources have been increased by an agreement approved a year ago, through a permanent doubling of contributions of member states, the "quota". This Agreement shall enter into force as nominally one year, but we need a sufficient number of national parliaments ratify it. Meanwhile, member states have provided temporary resources to the IMF through the "New Arrangements to Borrow." It is intended to remove this temporary resources when the increase of their contribution will be permanently effective.
In addition, the final communiqué should mention a new SDR allocation, a kind of international reserve asset of the IMF. An SDR allocation is a distribution of the assets created for the occasion, the Member States of the IMF, which fuels their foreign exchange reserves. British Finance Minister, George Osborne, confirmed that the G20 was discussing an increase in IMF resources. "The international community agrees that tackling the global economic situation, and there is a debate that has begun but not completed, on how to increase IMF resources," he said. Moreover, the IMF is going to get the creation of new precautionary credit lines and cash. These are loans to help countries, particularly emerging to deal with shocks in a hurry without being subject to formal programs of the IMF, with the strict conditions they imply.
In addition, the final communiqué should mention a new SDR allocation, a kind of international reserve asset of the IMF. An SDR allocation is a distribution of the assets created for the occasion, the Member States of the IMF, which fuels their foreign exchange reserves. British Finance Minister, George Osborne, confirmed q * The tax on financial activities back in discussions G20 leaders should discuss the creation of a tax on financial activities. A subject on which the Europeans encountered the reluctance, if not the opposition of many of their partners in the G20. On this point, Nicolas Sarkozy praised the "understanding" of Barack Obama on this issue and reported a "joint analysis" on the need for a "contribution to the world of finance" to solving the financial crisis and international economic.
During the day, Greek Prime Minister George Papandreou suggested that his plan to submit to referendum the bailout of the euro zone could be abandoned. After negotiations within the government, Mr. Papandreou would eventually agreed to démisionner, under pressure from his Finance Minister, subject to obtaining the confidence of Parliament on Friday. >> Read our lights: Greece Can get out of the euro area? U.S. President Barack Obama devoted part of his discussions with his counterparts in French and German, as a prelude to the opening of the summit, the crisis in the continent. "The most important aspect of our work over the next two days is to solve the financial crisis here in Europe," he said.
At its press conference, Nicolas Sarkozy also reiterated his confidence in the strength of the Italian economy, threatened with contagion. He said he "noted with interest" the new anti-crisis measures that the country has made on the sidelines of the G20, adding: "I would say my confidence in the Italian economy, which is one of the strongest economies in the world. C is the third largest economy in Europe, perhaps the seventh or eighth largest economy in the world. Italy is a truly remarkable tradition of entrepreneurs. " The Italian Prime Minister Silvio Berlusconi came to the G20 without being able to validate the anti-crisis measures by the government, tried to reassure his country's ability to repay its debt.
According to a draft action plan for growth discussed at Cannes, Italy is committed to approaching a balanced budget in 2013 and rapidly reduce its debt ratio to GDP from 2012. At about 120%, the ratio of debt to GDP in Italy is the largest of the major European countries. "There are now discussions [G20] to erect a firewall around countries such as Italy and Spain", for his part, said an Indian official. >> Read our lights: debt crisis: how Italy got there? * Emerging markets and the question of changes in a draft final communique obtained by Reuters, indicates that the G20 is working on the establishment of an international monetary system (IMS), which would better reflect the weight of emerging economies.
The group also agreed on the need to adjust the basket of special drawing rights (SDR) of the International Monetary Fund (IMF) to better reflect the changing roles of currencies. This adjustment could be a step towards better integration of currencies, as the Chinese yuan. However, the draft statement says nothing greater flexibility of exchange rates requested by the United States but opposed by China.
The United States, and to a lesser extent Brazil, pushed for the adoption of a stronger vocabulary, equivalent to an implicit commitment of China to move faster to a flexibility of its currency, the yuan. Like last year in Seoul, China seems determined to resist pressure and to defend the management at their own pace in the exchange rate of the yuan. With the uncertainties that collect around the euro area and the desire of Europeans see China contribute to their emergency fund, the risk is that the issue of currency does not move. According to sources from emerging countries, the G20 should be satisfied with the words of the communiqué of the G20 Finance held last month in Paris.
At this summit, the G20 finance ministers had simply agreed to continue "their efforts to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals ".
The G20 will accept in its final communiqué, a possible increase of IMF resources by the willing. "States that so request, to the fall of 2012, bilateral increase their participation in IMF resources," said a source close to the negotiations. The fund's resources have been increased by an agreement approved a year ago, through a permanent doubling of contributions of member states, the "quota". This Agreement shall enter into force as nominally one year, but we need a sufficient number of national parliaments ratify it. Meanwhile, member states have provided temporary resources to the IMF through the "New Arrangements to Borrow." It is intended to remove this temporary resources when the increase of their contribution will be permanently effective.
In addition, the final communiqué should mention a new SDR allocation, a kind of international reserve asset of the IMF. An SDR allocation is a distribution of the assets created for the occasion, the Member States of the IMF, which fuels their foreign exchange reserves. British Finance Minister, George Osborne, confirmed that the G20 was discussing an increase in IMF resources. "The international community agrees that tackling the global economic situation, and there is a debate that has begun but not completed, on how to increase IMF resources," he said. Moreover, the IMF is going to get the creation of new precautionary credit lines and cash. These are loans to help countries, particularly emerging to deal with shocks in a hurry without being subject to formal programs of the IMF, with the strict conditions they imply.
In addition, the final communiqué should mention a new SDR allocation, a kind of international reserve asset of the IMF. An SDR allocation is a distribution of the assets created for the occasion, the Member States of the IMF, which fuels their foreign exchange reserves. British Finance Minister, George Osborne, confirmed q * The tax on financial activities back in discussions G20 leaders should discuss the creation of a tax on financial activities. A subject on which the Europeans encountered the reluctance, if not the opposition of many of their partners in the G20. On this point, Nicolas Sarkozy praised the "understanding" of Barack Obama on this issue and reported a "joint analysis" on the need for a "contribution to the world of finance" to solving the financial crisis and international economic.
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