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Posts Tagged ‘g20’

Putin: Economic blockade of E. Ukraine a ‘big mistake’

Posted by Ram Kumar Shrestha on November 16, 2014

Russian President Vladimir Putin (RIA Novosti / Mikhail Klimentiev)

                                Russian President Vladimir Putin (RIA Novosti / Mikhail Klimentiev

READ MORE: Ukraine scraps human rights treaty for rebel areas, cuts services, freezes banks

“I don’t understand why Kiev authorities are cutting off those territories with their own hands. Well one can understand – to save money. But it’s not the time or the case to save money on,” he said.

Putin compared Kiev’s debacle with the Donetsk and Lugansk regions to Russia’s own armed conflict in the Chechen Republic that erupted several times since the early 1990s and officially ended in April 2009. But even at the worst moments, Moscow did not stop paying pensions and other social benefits to the Chechen people, he said.

“At moments that appeared to be stupid, because the people who were in control there not only embezzled that money but also could use them for obviously less-than-noble goals. But we did it due to our moral obligations to the common people. And in the end it turned out to be the right decision, as Chechens appreciated what Russia did to support the common people,” Putin said.

Russia's President Vladimir Putin attends a news conference at the end of the G20 summit in Brisbane November 16, 2014. (Reuters/Mikhail Klimentyev)

Russia’s President Vladimir Putin attends a news conference at the end of the G20 summit in Brisbane November 16, 2014. (Reuters/Mikhail Klimentyev)

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‘Economic isolation breach of intl law’: Top 5 takeaways from Putin ahead of G20

Posted by Ram Kumar Shrestha on November 16, 2014

 If you did not hear more about Putin in G20 due to US block, here you will not be banned to get that opportunity.
Russian President Vladimir Putin (RIA Novosti/Mikhail Klementiev)

                                    Russian President Vladimir Putin (RIA Novosti/Mikhail Klementiev)

Vladimir Putin says the G20 must address global imbalances together, and economic isolation, especially in the case of sanctions, which not only leads nowhere but is a crude violation of international economic law.

Here are the Russian president’s top takeaways he gave in an interview to TASS ahead of the G20 summit being held in Brisbane, Australia from November 14-15.

Full speech: Putin on G20: Russia sanctions contradict club principles

G20 great for ground work, but decisions often just hot air

Putin believes the G20 is still a good and relevant platform for world leaders, however, decisions at the summit are often nothing but words. Decisions made there are only carried out when there are in line with the interests of certain global players, like the US.

Decisions are neglected if they don’t fit the agenda of an individual power.

An example is when US Congress blocked the IMF quota, which was intended to enhance the role of developing economies and redistribute quotes. That move was counterproductive, Putin said.

“The very fact that US Congress has refused to pass this law indicates that it is the United States that drops out of the general context of resolving the problems facing the international community,” the president said.

“Everyone must understand that the global economy and finance these days are exceptionally dependent on each other,” he said. Read the rest of this entry »

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‘The revival of the Japanese economy will lead to development of the global economy’

Posted by Ram Kumar Shrestha on September 5, 2013

In an exclusive interview with Global ahead of the G20 summit in St Petersburg, Japanese Prime Minister Shinzo Abe describes how his Abenomics policy could not only kickstart Japan, but help reboot the world economy

Abe pictured with US Ambassador to Japan John V. Roos. Japan is keen to maintain a close relationship with the USA

Prime Minister, you have enjoyed a spectacular comeback in Japanese politics. Since you took office after the December election, the philosophy of ‘Abenomics’ has totally swept away any disappointment that arose during your first term as premier in 2006-07. A rapid series of political and economic manoeuvres aimed at lifting Japan out of its economic torpor has won you popularity at home and plaudits from abroad. You have launched dramatic initiatives towards Africa and attempted to repair long-neglected fences with ASEAN neighbours.

Now, in the lead-up to the G20 summit in St Petersburg, there is revived interest in Japan’s role as the world’s number three economy, as well as in the global lessons to be learned from Abenomics and its associated policies. It is a remarkable success in a very short time. But it raises many questions about where a reinvigorated, resurgent Japan might be heading. Read the rest of this entry »

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Putin: Using Al-Qaeda in Syria like sending Gitmo inmates to fight (EXCLUSIVE)

Posted by Ram Kumar Shrestha on September 8, 2012

In an RT global exclusive premiere, President Putin gives his first post-inauguration interview, speaking in depth with RT’s Kevin Owen ahead of the APEC summit in Vladivostok.

Touching upon a range of issues, he discusses topics from the Pussy Riot trial to the Julian Assange case, from the upcoming US elections to the situation in Syria.

RT: What I want to talk about first of all is the ongoing at the moment APEC summit. You’ll be going there very shortly – in Vladivostok because it’s the first time that Russia has held it, a prestigious event. But it always begs the question – what’s actually achieved at these events, events like that, like the G8, G20?

Now, though APEC is primarily an economic vessel, there’s a lot of politics involved as well. And of course a lot of the key players including you, including America, a lot of key players disagree on some very key issues. I’m thinking about Syria, I’m thinking about missile defense, I’m thinking about Iran. Is there a danger that the politics may stifle, get in the way of the big economic deals that the very same key players are hoping to sign at this summit or at least talk about signing? Read the rest of this entry »

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India and China: Friend, enemy, rival, investor

Posted by Ram Kumar Shrestha on July 3, 2012

How can India make its economic relations with China less lopsided?

DEALINGS between India and China are stunted in many ways. Rich cultural links once existed long ago, from the study of eclipses to Buddhist chanting, but hardly anyone remembers that today, laments Amartya Sen, a Nobel-prize-winning economist. After a love-in during the 1950s, China thumped India in a border war in 1962, and the two have continued to growl over their high-altitude frontier since. Indians envy China’s economic rise, but console themselves by pointing out that it is no democracy. Aside from stiff displays of fraternity at summits, most recently the G20 bash in Mexico on June 18th-19th, China seems not to think much about India at all. Investment flows are negligible. There are still no direct flights between Beijing or Shanghai and Mumbai, India’s commercial hub.

And yet a huge shift has taken place in the make-up of Indian trade. When India began to liberalise its economy in 1991, the West still dominated the world economy, and it was to the West that India turned for trade. China’s rise has now changed everything—for India, too. China is now its third-largest trading partner in goods, and the biggest if you include Hong Kong. For China’s East Asian neighbours a dominant trade with China is a given, but Indians are still trying to digest the development. Read the rest of this entry »

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From G8 to NATO: ‘Russia and China may be on the same side’

Posted by Ram Kumar Shrestha on May 20, 2012

With Putin opting not to attend the ongoing G8 summit at Camp David and Obama passing on an upcoming APEC summit in Vladivostok, much has been made of the bilateral snub. But Russian expert Martin McCauley told RT critics have missed the plot.

As President Obama greeted leaders of seven other major world economies for a working dinner at the start of the G8 summit Friday night, President Putin was not among them. The Russian president said domestic affairs and cabinet appointments had led him to send Prime Minister Dmitry Medvedev in his place.

With  the summit concluding on Saturday, Obama will immediately return to his hometown of Chicago for a NATO summit this Sunday.

Obama likewise announced he would miss the Asia Pacific Economic Cooperation (APEC) meeting this September, since it closely tails the Democratic National Convention; a peak time in his reelection bid.

However, with both leaders set to meet on the sidelines of a G20 summit set to be held in Mexico next month, Martin McCauley, Russia expert from the University of London, told RT critics were too quick to dismiss the leaders’ domestic concerns.

He also said one key player was conspicuously absent at both the G8 and NATO summit, making the G20 a much more fitting format for both Moscow and Washington to hammer out their mutual concerns:  China.

RT: Do you think Putin’s refusal to attend would have been a shock to the US? Read the rest of this entry »

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Greek bailout referendum could sink Eurozone

Posted by Ram Kumar Shrestha on November 1, 2011

The decision to call a referendum on Greece’s bailout has rocked markets around the world. But while the Greek PM seeks

Anti-austerity protesters hold a Greek flag reading 'not for sale' during a student parade in Athens, attended by the Greek minister of education (AFP Photo / LOUISA GOULIAMAKI)

political support for the highly unpopular deal, critics argue he is putting both his country’s and Europe’s futures on the line.

A Greek deputy’s defection from the ruling party is only the latest consequence of Prime Minister George Papandreou’s decision to hold a surprise referendum on last week’s Greek bailout package.

Milena Apostolaki’s move, which leaves the governing socialist party with a slim two-seat majority, highlights the risky game Papandreou is playing with Greece’s financial future.

Struggling with rioters at home and growing dissent from within his own political party, Papandreou’s populist maneuver has cast a dark cloud over the eurozone’s future.

While the country is due to receive an 8 billion-euro tranche in mid-November, it is likely to run out by January, just in time for the referendum, leaving the government with no funds if there is a “no” vote, Reuters reports.

And while Greece is desperately in need of the 130 billion-euro lifeline and a 50-per cent write-down on its enormous debt (which would amount to an additional 100 billion euros), more austerity measures are a pill that many find too bitter to swallow.

This reality is reflected by recent opinion polls which show some 60 per cent of Greeks view the bailout in a negative light.

However, the majority also want to stay within the euro, an ambivalence which has created obvious frustration within the Greek government. Read the rest of this entry »

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Global ‘Mini-Lateralism’ Will Get Us Nowhere

Posted by Ram Kumar Shrestha on April 23, 2011

By Gordon Brown, Former Prime Minister of the United Kingdom

Two years ago the formal creation of the G20 helped prevent the world recession from becoming a world depression. World leaders agreed to a one trillion dollar underpinning of the world economy, and strengthened the World Bank, the IMF and the World Trade Organization. In its concluding statement, however, the G20 promised more: that it would work towards implementing new global standards and regulations across the world’s banking system and that it would be the architect of a global growth agreement designed to deliver rising prosperity and create jobs in the decades ahead.

Two years on, what some now call mini-lateralism, seems to be the order of the day. The immediate crisis has passed and despite outstanding leadership in our international institutions and bold international initiatives by some national leaders, many governments have retreated into their national shells. We cannot agree on the proposed ‘global growth pact’, a world trade agreement is yet again stalled, risking the first failure of a planned trade agreement since 1948, and, even after a nuclear catastrophe in Japan and a period of violent volatility in oil prices, there is still insufficient momentum for a global climate change agreement.

So what has happened? The need for cooperation cannot be in dispute. Indeed this year the world is facing an unremitting onslaught of new challenges – food shortages, commodity price rises, youth unemployment and social unrest ; and large imbalances even as inflation reappears. Some now talk not of a crisis but of crisis-ism, a state of ever recurring crises that cannot easily be resolved by nations acting autonomously. Read the rest of this entry »

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Analysis: G20: Banging the British drum in East Asia

Posted by Ram Kumar Shrestha on November 12, 2010

BBC By Nick Robinson

Seoul: We can’t say we weren’t warned. David Cameron had predicted that this was not going to be one of those summits that saw the G20 in a “heroic phase”.

He insists that while the summit may not have produced a “glistening headline”, it made good and steady progress and that we should treasure what the G20 does and understand that if it didn’t exist, something like it would have to be invented.

Britain helped secure a commitment to try again to get a world trade deal and the solution to the issue which dogged this summit – the so-called “global economic imbalances” between the old industrialised countries like Britain and America, which have spent and imported too much, and the newly developing economies like China which have saved and exported too much.

In the early hours of this morning, fractious negotiations between China, America and the hosts South Korea broke down in acrimony, according to a British source. The “summit sherpas” from the UK, France and Russia were called in, it’s claimed, to settle the dispute. They did so by calling on the International Monetary Fund to produce a study and for the G20 to discuss the issue all over again next year. Read the rest of this entry »

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G20 to tackle US-China currency concerns

Posted by Ram Kumar Shrestha on November 12, 2010


Leaders of the G20 group of major economies have agreed to avoid “competitive devaluation” of currencies after a second day of difficult talks in the South Korean capital, Seoul.

Leaders agreed to come up with “indicative guidelines” to tackle trade imbalances affecting world growth.

Tensions had been high between some delegations over how to correct distortions in currency and trade.

But the agreement fell short of a US push to limit trade deficits.

Some fear the conflict, chiefly between China and the US, may threaten global growth.

US President Barack Obama said there should be no controversy about fixing imbalances “that helped to contribute to the crisis that we just went through”.

“Exchange rates must reflect economic realities,” he said.

“Emerging economies need to allow for currencies that are market-driven. This is something that I raised with President Hu of China and we will closely watch the appreciation of China’s currency.” Read the rest of this entry »

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Economy and currency wars on G20 table

Posted by Ram Kumar Shrestha on November 11, 2010


G20 leaders are gathering in South Korea, and the one thing on their minds is money. Those ruling the world’s major economies are confronted with preventing a recurrence of the financial nightmare of 2008.

The summit kicked off with a business forum and Russian President Dmitry Medvedev urged the G20 to create a favorable environment for medium and small businesses, which he believes would help global recovery. Read the rest of this entry »

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UN Vows to Make Voices of Poorest Heard at G20 Summit

Posted by Ram Kumar Shrestha on June 26, 2010

It could be better if optimism could not be optimism forever.
Read the Article at HuffingtonPost

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