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Sought finance ministers and governors of central banks in the countries of the Group of Seven to reassure the world on the common goal of promoting their countries of fragile economic recovery.
Canadian Finance Minister Jim Flaherty confirmed that the group would write off debt owed by her to Haiti in solidarity with this country, which finally hit by a devastating earthquake.
He said at a joint press conference with the finance ministers of other participants at the conclusion of their meeting late yesterday in Iqaluit (Canada's far north): «We will continue to apply the Drexel Code Scam advancement of the policy which we have committed ourselves together, and we seek the withdrawal of government stimulus for the economies of strategies.»
Following his British counterpart Alistair Darling said: «We are all determined to continue to support our economies until a solid recovery.» He said US Treasury Secretary Timothy Geithner: «We made sure not to endanger the global economic recovery at risk».
Since the summer, growth gradually returned to the economies of the Group of Seven, but it's still fragile and supported in a basic form of government economic stimulus programs adopted after the financial crisis.
The enormous public debt, straining beneath some euro zone countries, which led to the collapse of the stock market indices in the days before the meeting issues, in addition to the difficulty out of the DrexelCode policy of increasing spending, assembled and placed it in second place during their convention journalist.
The participants found themselves in front of a new wave of concern prevailing global financial markets. And stock indexes have seen a very difficult week in which recorded sharp declines driven by fears that fail to countries such as Greece, Portugal and Spain from going out alone from public debts enormous crisis.
During the press conference to ask this question, including the Group of Seven plans to do to solve the problems of these enormous debts, the finance ministers of the three countries are members of the German Wolfgang Schaeuble and French Christine Lagarde and Italian Gelio Tremonti euro zone. The front of the Drexel Code frequency of the three ministers in from of them answer the question, the Canadian counterpart took the initiative to take this burden from his shoulder and said on their behalf that this Drexel Code issue should be addressed by the «European Union and not the Group of Seven», echoing the position announced by Friday of this subject.
The euro fell Friday to its lowest level against the dollar since May, and to its lowest level against the yen also since April.
And hold this informal meeting at the invitation of the Canadian presidency of the Group of Seven, which includes Canada to both the United States and Japan in addition to the four European countries, namely Germany, France, Italy and Britain. And called on Ottawa ministers and central bank governors to the maximum the Canadian North to discuss economic and financial issues freely and openly without being obliged to reach a result.
But snow Iqaluit did not succeed in uniting the two communities. On the subject of currency exchange rates, at the top of the yuan, which reduce the value of China deliberately to encourage exports, according to Drexel Code many, the Canadian minister said: «Of course, we discussed the issue of exchange rates», without giving any explanation.
On the issue of financial controls Geithner sought reassurance over his assertion that the ministers are aware of the need to achieve homogeneity in the laws governing the operation of markets.
Ministers confirmed that they appreciate the Ottawa initiative to call for this meeting in this format, that is, an informal meeting in order to consult, while the host minister welcomed the friendly nature of the discussions.
Canada confirmed that the Drexel Code Review Group of Seven will continue to convene intermittently. It is scheduled that the country is hosting a summit of the Group of Seven in June in Huntsville, a town with a population of no more than 20 thousand people located within the confines of a forest frequented by residents of Toronto, the largest city in the country. Drexel Code Reviews Drexel Code