Luiz Inácio Lula da Silva: G-20 Pittsburgh Summit: Reasons to Celebrate?
By Jason Wojciechowski • Sep 23rd, 2009 • Category: Policy
The President of Brazil is optimistic about the upcoming G20 in Pittsburgh and strongly defends action taken at the last G20 in this post on Huffingtonpost.com.
Optimism is the leitmotif surrounding the upcoming Pittsburgh Summit. Yet certain concerns remain. A year ago, as the dramatic recession unfolded around the world, many were convinced we were heading for a repeat of the Crash of 1929.
Due to measures adopted at the G-20 Summit in London last April, the worst threat in decades to the global economy was contained.
After a 9 percent reduction, global trade has rebounded, thanks to the injection of U.S.$250 billion in flexible, unconditional credit. Nearly 50 million jobs will be lost in 2009, but there are signs that the worst is past. Another U.S.$750 billion went to stimulate demand and stabilize the current accounts of many — particularly developing — countries hit by the drastic cutback in foreign trade and credit.
Read more at: http://www.huffingtonpost.com/luiz-inacio-lula-da-silva/g-20-pittsburgh-summit-re_b_295978.html
(image from wikicommons)
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