Thursday, May 28, 2015

In Dresden, the shadow of two absent, Greece and China, hangs over … – Le Parisien

May 28, 2015, 9:14 | Updated: May 28, 2015, 9:14

The French finance minister, Michel Sapin and his Japanese counterpart Taro Aso , arrive at the G7 Finance in Dresden, May 28, 2015 Illustration. (AFP / ROBERT MICHAEL)

The event, which also wants a “brainstorming” before the G7 Summit of Heads of State and Government on 7 and 8 June in Bavaria, began Wednesday night with a ceremony in the Frauenkirche, iconic church destroyed by Allied bombing in February 1945, patiently rebuilt after the reunification.
The German Presidency beautiful insist that the Greek issue is not on the agenda – it’s not the right format, the Greeks are not represented – many of the key players are there, whose Executive Director of International Monetary Fund (IMF) Christine Lagarde, and the president of the European Central Bank (ECB) Mario Draghi

-. Impatience –

The subject is in all heads, while the Greek government reported Wednesday a draft agreement with its creditors, before attracting a flurry of denials.
Lagarde, questioned by the German ARD on Thursday, and launched there remained “a lot of work to do” and that there was yet no “strong result” of negotiations.
She also swept the critics of Athens, which criticizes the IMF complicate the discussions, ensuring that his organization was working “in a balanced and respectful manner.” Mr.
Schäuble had already ruled on Wednesday that negotiations “had not made much progress.”
Non-European G7 partners are impatient too.
“Everybody has to work extra hard (…) and find a solution”, pleaded Wednesday in London the secretary of the Treasury Jack Lew, before joining Dresden. And
for his Canadian colleague Joe Oliver, the Greek crisis “still unresolved” is, as well as conflicts in Ukraine, Iraq, Syria and elsewhere, a factor that “exacerbates the risks” affecting a still fragile global economy.
ways to make more sustainable growth will be on the agenda, that Berlin wants to “open” and informal. The meeting began Thursday by a symposium participants and seven leading economists, for “an exchange of views.” To avoid wasting time on formulations for word of a consensual statement, the G7 Finance will do without this time, decided Germany.
Calls on Germany to do more for growth, common in this type of event last year have relented, do we believe in the Delegations, where they prefer to put forward the fight against tax evasion and against the financing of terrorism, or financial regulation. Volatility in financial markets has prompted no doubt in discussions with a call for “vigilance” to prevent “the emergence of bubbles,” said a French source

-. China in the spotlight –

The most current topics, such as Ukraine and its financial situation, or possible financial assistance to Nepal in early May devastated by a massive earthquake, should be formally discussed at a working session “tote” Friday morning.
Should be its positioning also places partners on the new investment bank set up by China, which Europeans G7 want to participate but not Washington, and the issue of the Chinese currency, which Beijing it would join the basket of Special Drawing Rights (SDR) of the IMF.
same IMF fueled the dispute this week between Beijing and Washington on the value of the renminbi, saying that contrary to what support United States, the Chinese currency is not undervalued. Lew was quick to take against the foot of this position.
Overall, the G7, “there is a common concern that is when accompanying China toward taking all the responsibilities that go with its place in the concert of world economic powers,” it is argued in the French environment minister Michel Sapin.


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