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World leaders divided on how to boost recovery

media Russian President Dmitri Medvedev with France's Nicolas Sarkozy Reuters

World leaders were divided as to how to bopost recovery after nearly two years of economic crisis when they met at the G8 and G20 summits in Toronto this weekend.They pledged to reduce budget deficits but fear austerity measures will hurt fragile growth.


Leaders of the world's richest countries met Sunday for the third and final day of the G8 summit Sunday in the Canadian city of Toronto .

The G8 countries' leaders met those of emerging economies to discuss plans to shore up the world economy, although divisions have been appearing on how to consolidate the economic recovery since the crisis in 2008.

The United States and Brazil have criticised Britain , Japan and Germany for cutting spending to rein in public deficits. German Chancellor Angela Merkel has said most industrialised members of the G20 will agree to cut their deficits in half between now and 2013, however.

As the G8 summit came to a close, leaders rebuked North Korea and Iran over their nuclear projects.

At the opening of the G20, host Canadian Prime minister Stephen Harper said unresolved issues from the G8, such as how to achieve economic recovery, would be carried over to the G20.  

Mark Fried for Oxfam in Toronto 28/06/2010 - by Helena Humphrey Listen

British-based charity Oxfam has representatives in Toronto as both summits take place. Spokesperson Mark Fried told RFI that the group has called on leaders to give poor countries a seat at the negotiating table.

Fried also says that G20 has the potential to “pick up the ball dropped by the G8” on climate change and poverty and that Oxfam will urge leaders to adopt a financial tax to raise funds to fight these problems.

Backing a "Robin Hood" tax on banks which will be implemented by both the US and UK , Fried says that Oxfam believes that “some of the damage caused by the economic crisis should be repaired by the financial sector that caused it”.

France and Indonesia have “already spoken strongly in favour of financial transaction tax to benefit development and fight against climate change,” he says.

A “groundswell of support” for the tax will only arise when “all countries agree that the tax would not bail out Wall Street but rather the poorest communities in the poorest countries,” Fried says.



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