For Brazilian President the G-8 Is Dead, Long Live the G-20

    Lula in Washington for G-20 summit

    Lula in Washington for G-20 summit Brazilian President Lula da Silva said on Saturday the Group of Eight is no longer relevant in today's globalized world and the role of developing international financial regulations must fall to the so-called Group of 20.

    Lula da Silva made his comments Saturday before meeting with US President George W. Bush and other world leaders in Washington to discuss the global financial meltdown.

    "Emerging economies have to be taken into consideration in today's globalized world. If all the presidents are in agreement on this I think we can show humanity this crisis will be resolved with faster than expected", he emphasized.

    "We are talking about the G-20 because the G-8 (of industrialized economies) doesn't have any more reason to exist", added Lula da Silva who said the old global financial architecture controlled by big rich nations has been "rejected by history".

    The Brazilian leader currently holds the chair of the G-20 and sat shoulder to shoulder with President Bush during the meeting.

    "Emerging market countries were not the cause of this crisis, but they are amongst its worst affected victims," Indian Prime Minister Manmohan Singh told the group.

    "India is experiencing this negative impact. After growing at close to 9% per year for four years, our growth rate is expected to slow down" to between 7 percent and 7.5%, Singh said.

    World Bank President Robert Zoellick said the summit was a productive start. What matters now are the follow-up actions, Zoellick.

    "People are looking to leaders for a global, coordinated and fast response." In particular, he called for government spending programs to stimulate national economies, and said China had demonstrated leadership with its 580 billion USD stimulus package. "Further decisive actions will be needed," he said.

    Chinese President Hu Jintao was under pressure at the weekend meeting to use China's 2 trillion USD in reserves to help expand an International Monetary Fund stability fund. Beijing has yet to respond directly to such suggestions but Hu was pressing Western leaders to give developing countries a bigger role in such global financial institutions, a measure that analysts say might be a condition for a Chinese contribution.

    IMF Managing Director Dominique Strauss-Kahn said at a news conference that it would be up to the IMF most influential members, the United States and European countries, to determine whether developing countries would be given a greater say.

    He added that countries can achieve influence in several ways, including greater voting rights and being added to the IMF board.



    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *


    You May Also Like

    In Brazil, It’s Always Killing Time

    The recent killings of homeless people in São Paulo led to politically correct indignation ...

    Brazil Reserves 13 Million Hectares of Amazon for Sustainable Use

    Brazil’s Minister of Environment, Marina Silva, said Wednesday, March 30, that the Brazilian government’s ...

    Brazil Is in Love With Sol, the Illegal Pretty Girl from “America”

    The United States of America has always welcomed immigrants. From the very beginning of ...

    Luis Fernando Veríssimo

    World Interest in New Brazil Leads to More Translations of Brazilian Authors

    A growing number of Brazilian literary works have been translated into other languages and ...

    Ao Vivo by Brazilian Antonio Adolfo and Carol Saboya

    Brazil’s Antonio Adolfo and Daughter Carol Celebrate Samba-Jazz

    Spiced with superb talents and an expanded palette of styles, Ao Vivo/Live is the ...


    Brazil’s Illusion of Wealth Forgets “Made in Brazil” Is Not the Same as “Created in Brazil”

    The upsurge of the so-called “emerging countries” is a worldwide geopolitical phenomenon at the ...

    Brazil: Mercosur Toying with Idea of Parliament

    At the end of a seminar this week on Mercosur economic relations, the possibility ...

    Finance minister Guido Mantega

    Finance Minister Foresees 4% Growth for Brazil in Coming 12 Months

    In a sign that they intend to keep borrowing costs unchanged through the end ...

    South American Community of Nations Coming in September

    The Brazilian Minister of Foreign Relations, Celso Amorim, said that the meeting of South ...