[Cartoon Caption: ‘Nicolas Sarkozy says to store attendant in Japan, ‘It’s too small!! – let’s try a size G-13!!‘]
So what message have developing countries received now that the 2008 G-8 Summit of the largest economies has ended?
Rolf Kuntz writing for Brazil’s Estadao newspaper sums up the proceedings this way:
“Out of everything that was said during the summit, which ended yesterday in Hokkaido, Japan, there was only one clear message – and it was not encouraging: the great powers have no joint approach with which to tackle the global economy’s momentous difficulties. Every country will have to take care of itself, if it can – which is possible in Brazil’s case – and the poorest and most affected by the food crisis and high oil prices can expect only modest assistance to avoid sinking into misery and social and political chaos.”
Rolf Kuntz*
Translated By Brandi Miller
July 10, 2008
Brzail – Estadao – Original Article (Portuguese)
Based on the evolution of the futures markets, oil prices should fall only gradually over the next five years, according to a report by the International Monetary Fund (IMF). The food process are also expected to gradually decline, in a relatively shorter interval. Some recent price quotes and forecasts have already influenced the trade in wheat. But the cost of raw materials, largely determined by the price of oil and its derivatives, will continue to weigh heavily. None of these projections were altered by the pointless G-8 summit, made up of the seven leading capitalist economies and Russia.
Out of everything that was said during the summit, which ended yesterday in Hokkaido, Japan, there was only one clear message – and it was not encouraging: the great powers have no joint approach with which to tackle the global economy’s momentous difficulties. Every country will have to take care of itself, if it can – which is true in Brazil’s case – and the poorest and most affected by the food crisis and high oil prices can expect only modest assistance to avoid sinking into misery and social and political chaos.
For now, such assistance is being provided primarily – and almost exclusively – by the World Bank and the IMF. The Fund is already committed to programs in Benin, Burkina Faso, Kyrgyzstan, the Central African Republic, Haiti, Mali and Niger – and may be able to extend relief to other economies buffeted by the external shock.
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