Led by Brazil G20 Gathers in Washington to Mull Over Gravelly Ill Economy

    Finance minister Mantega of Brazil

    Finance minister Mantega of Brazil Following on a joint initiative from United States and Brazil the Group of 20, or G20, will be holding an extraordinary meeting this coming Saturday, October 11, in Washington to address the current financial global crisis and its impact on emerging economies.

    The meeting was convened by Brazilian Finance minister Guido Mantega who is the current chairman of the G20, a group made up of countries with strong farm sectors which was born during the recent trade talks of the Doha Round in the framework of the World Trade Organization.

    The meeting was agreed between Mantega and the US Treasury Secretary Hank Paulson, who will be the opening speaker and is expected to give a picture of the current situation, which has extended to the whole world.

    The purpose of this extraordinary meeting of finance ministers and central bank presidents is "to discuss aspects of the world financial crisis and its impact on the global economy", points out a release from the Brazilian Finance Ministry.

    Earlier in the day the White House reported that President George Bush was on the phone with Brazilian President Lula da Silva and Germany's Premier Angela Merkel.

    G-20 is made up of finance ministers and central bank presidents from 19 countries: South Africa, Germany, Argentina, Australia, Brazil, Canada, China, South Korea, US, France, UK, India, Indonesia, Italia, Japan, Mexico, Russia and Turkey. The European Union is represented by the president of the EU Central Bank Jean Claude Trichet.

    Argentina calls for urgent meeting of Mercosur members
    Argentina proposed an urgent meeting of Mercosur country members to coordinate positions which would help address the impact of the current global financial crisis and its possible impact on the region.

    "We've proposed that the Common Market Council meets, that Foreign Affairs and Economy ministers get together because it's obvious we're going through very special times and we must exchange opinions", said Minister Jorge Taiana during an interview on Wednesday with a Buenos Aires channel.

    The announcement followed another bleak day for Latin-American markets and currencies dragged by the collapse of Wall Street and the global lack of confidence.

    Taiana did not advance a place or day for the ministerial summit but he did insist the purpose was "to exchange opinions, information, coordinate positions and have common replies, and particularly share a common assessment of the evolution of the situation".

    Latin-American markets have been falling for several weeks now, fearing a strong slowdown in the world's leading economies which will impact on the solid regional growth of the last few years and lead to a depreciation of commodity prices.

    "Undoubtedly this financial crisis, which most certainly will move to the real economy is going to have implications and we must be prepared to respond quickly and concertedly to avoid negative effects", added Taiana.

    The Mercosur Common Market Council is an executive body responsible for the elaboration of the group's work agenda and negotiating agreements with third parties in representation of MERCOSUR.

    Its agreements are resolutions and it is made up of Foreign Affairs and Economy ministers plus central bank presidents.

    Mercopress

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    • Show Comments (6)

    • dnbaiacu

      LOL I see THAT Joao! … And Question of the Arabs
      DnBaianaCu LOL πŸ™‚ πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰

      Now on the Arabs.
      The truth of the matter is Arabs have been waiting for what is going on now for quite some time now. They actually BELIEVE in their faith and holy books. Unlike most nominal Christians that “fantasize” about being raptured up,or every decade in passing insist that they won’t see Armaggedon in “their lifetime”. At some point the “show” must begin.
      So Arabs in my opinion are biding their time and preparing just as well. It is the “calm” before the storm. Although not so calm ,because there is quite a bit going on in Bagdad right now and Afgahnastan. It is just the “focus” is on this “historical election” and the failing global econonmy.
      Arabs aren’t stupid. They know that it is being conspired to put them OUT OF THE LOOP. They expect marginalization and isolation by the global community at large.
      They are busy and HAVE been busy infiltrating key areas of the globe through investments and trade. And it is probably NOT that the Arabs are deliberately keeping “quiet” ,, it is more likely that anything much said about them doesn’t get approved by the Associated Press. Arabs have made MAJOR acquistions in the U.S. but it get very little media coverage. So as obviously not to scare the populus to death. And Brazil….????? Oh well.! We can see an ad for “Meet Arab Singles” right here on this site
      πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰
      Have you seen the latest?.. How North Korea is being taken OFF the terrorist list. Now that is an interesting development!!!!!
      This is going to get real interesting real soon.
      Central banks are “Socializing’ the globe. This is a reality. Someone WILL be deemed “anti-social”
      You can BET on that!
      There is PROFIT in WAR πŸ˜₯ πŸ˜₯

    • João da Silva

      Ch.C !
      [quote]Because Robin the Idiot forgot to include Saudi Arabia when he recounted the members mentionned in the article !!!!! [/quote]

      Yeah, I observed it too, BUT…..BUT…., I was pulling your leg (as usual). That brings back to the question of our young friend “DnbainacΓ€Ζ’ΒΊ” : Why are the Arabs keeping quiet?

      Food for thoughts.

    • ch.c.

      Joao…Noooooooo !!!!!!!
      WHY ?
      Because Robin the Idiot forgot to include Saudi Arabia when he recounted the members mentionned in the article !!!!!
      That is why I said, despite HE re-counted 3 times !!!!!
      But the G20 are 20 !!!!

      πŸ˜€

    • João da Silva

      Ch.C !
      [quote]He re-counted 3 times and still arrived at 20 !!!!! [/quote]

      Not really Ch.C. He was indirectly “summoning” Switzerland and was sure [i]you[/i] would accept his invitation and join the group thus making it G20. πŸ˜‰ πŸ˜€ πŸ˜‰

    • ch.c.

      G20……is made up of finance ministers and central bank presidents from 19 countries !!!!!
      I bet that the one who had chosen the Club name of G20 was LULA !!!!!!!
      He re-counted 3 times and still arrived at 20 !!!!!

      πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰ πŸ˜€ πŸ˜‰

    • ch.c.

      Led by Brazil G20 Gathers in Washington
      Its getting more insane every day !!!!

      Your Disinformation & Propaganda Dept in the Planalto Palacio are by now ethano-addicted !!!!

      Shortly the new nickname of Lula will be….GOD !!!!!

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