Westerners denounce at the G20 the impact of the Russian war on the economy

Real time course: 6,420.82 -0.25%

The G 20 was created in December 1999, following the multiple financial crises of the 1990s bringing together the main economies representing 80% of world GDP.

Argentina is part of the G20. Suffering from inflation and financial difficulties, the country often has to appeal to international economic organizations such as the IMF.

However, Argentina is experiencing significant economic problems. Unemployment and a low standard of living continue to mark the country, which is nevertheless much more developed than the other Third World nations.

https://en.wikipedia.org/wiki/Argentina

Corruption is a major challenge for the Mexican economy: according to World Bank studies, political and economic corruption could account for 9% of GDP.

https://en.wikipedia.org/wiki/Economy_of_Mexico

La corruption au Mexique (police) | Guide pour les touristes

A country with recurring financial difficulties and a country plagued by corruption. Obvious characteristics of countries that actively participate in world GDP. That says a lot about the mentality and the degree of exemplarity of the thing

How many OFFICIALLY do you already take off this list? A G15?

G20 members are: South Africa, Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, United States, France, India, Indonesia, Italy, Japan, Mexico, United Kingdom, Russia , Turkey, European Union

The lesson to be learned is this:

The G7 created in 1975 on the initiative of France following the first oil crisis, has gradually transformed into a hegemonic club, of which the USA or rather the Anglo-Saxons have taken the controls, the Europeans being relegated to the roles of vassals responsible for enforcing the decisions taken “…in common”. It was around the G7 that the vision of a unipolar world was imposed

The G 20 was created in December 1999, following the multiple financial crises of the 1990s bringing together the main economies representing 80% of world GDP. But the G20 countries that are not part of the G7 club no longer want to be under the domination of the latter and want to participate in decisions or create their own programs that involve a multipolar world.

Brics, Apec, Asean etc. were born from this divergence and will continue to develop and attract other countries of the world while excluding the G7 club.

The previous wars within Europe itself in the years 1990-2008 (Yugoslavia-Serbo-Croatian, Georgia, etc.) or on its borders (Middle East, North Africa and its Arab revolutions (Egypt, Tunisia, Libya, Syria, etc.) ) Horn of Africa, Armenia etc… are the consequences of this deep divergence and the Russia-Ukraine war is the latest avatar.

We cannot understand this war if we do not understand this, and we cannot anticipate what will follow if we hide this recent past.

a whole media bazaar outdated by the bricks!!

it’s no longer the flapping of a butterfly’s wing at the G20 that causes an economic tsunami!!

“For lack of a consensus on the causes….. there will probably be no final press release…”.

It is clear, the disagreement between the members of the G20 forming part of the G7 + the EU and the 12 other members of the G20 which include half of the world’s population is obvious.

Pitiful and distressing to see that those who created the conditions conducive to a war come to complain when they have themselves sawed off the branch on which their economy rested.

NATO and G7 forces are largely responsible for the escalation that has led to this dire situation.

In addition, we advocate peace and discussion, but we don’t discuss a lot, we deliver a lot and we shave for free, promising to rebuild everything…

Who ultimately pays? The taxpayer of each European country whose opinion has been taken care not to be asked.

“There is no such thing as a just war” (Tzvetan Todorov)

The old demons that we chased away for the past 40 years are back because of the hardline positions of NATO and the EU. In the end, many families will find themselves in economic shit at the start of the school year…

Very broad denunciation, from the US and Anglo-Saxon and consorts, Japan, Europe, but what about the rest. ? More than half of the inhabitants of the planet do not adhere to the policy of the Americans who are clearly at the helm in this story. We seek a political victory when all has failed.

Sri Mulyani Indrawati, Minister of Finance of Indonesia, during his speech at the G20 Finances in Bali, July 15, 2022

Sri Mulyani Indrawati, Minister of Finance of Indonesia, during his speech at the G20 Finance in Bali, July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)

Western moneymakers on Friday condemned Russia’s invasion of Ukraine at a G20 meeting in Indonesia and accused its economic leaders of creating a “shock wave” in the global economy.

The two-day meeting of finance ministers and central bank governors is being held on the island of Bali, a week after that of foreign ministers, who sent a salvo of accusations about the war to the leader of the Russian diplomacy Sergei Lavrov.

This week’s meeting has sparked a new confrontation between Westerners, who denounce Moscow’s responsibility for economic problems, and Russia, which blames Western sanctions for all evil.

“There was a very broad denunciation of the war and its consequences”, while “Russia tried to say that the world economic situation had nothing to do with the war”, a source told AFP. within the French delegation. But the invasion of Ukraine has been shown to have “derailed growth”, “exacerbated inflationary pressures and endangered food security”, according to this source.

Janet Yellen and Senegalese Economy Minister Amadou Hott during a G20 Finance conference in Bali, July 15, 2022

Janet Yellen and Senegalese Economy Minister Amadou Hott during a G20 Finance conference in Bali on July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)

“Russia’s unwarranted war on Ukraine has sent shockwaves through the global economy, with rising commodity, food, fertilizer and energy prices” that make more people hungry,” US Treasury Secretary Janet Yellen said at a conference.

“It was Russia’s invasion that undermined food and energy security, not sanctions, and Russia must take full responsibility for that,” Australian Economy Minister Jim Chalmers said, according to a statement. text seen by AFP.

– Responsibility in war –

Canadian Finance Minister Chrystia Freeland, who has Ukrainian roots, accused the Russian delegation of being responsible for “war crimes” given its support for the invasion of Ukraine, according to a Canadian official.

“It’s not just the generals who commit crimes, it’s the technocrats of the economy who make war possible and enable it to continue,” she said.

Australian Economy Minister Jim Chalmers, Australian Central Bank Governor Philip Lowe and his Indian counterpart Shaktikanta Das at the G20 Finance in Bali, July 15, 2022

Australian Economy Minister Jim Chalmers, Australian Central Bank Governor Philip Lowe and his Indian counterpart Shaktikanta Das at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/MADE NAGI)

Janet Yellen also stressed that “Russian officials must recognize their role in the terrible consequences of this war by their prolonged support for the Putin regime”, according to a US Treasury official.

Russian Finance Minister Anton Siluanov was not present but spoke via video link. Russia was represented by Deputy Finance Minister Timur Maximov and Elizaveta Danilova, an official from Russia’s central bank.

Ukrainian Minister Sergei Marchenko was also invited to speak online from Ukraine and called for “tougher sanctions” against Moscow.

“Russia forces the United Nations and the IMF to find ways to save African countries from hunger”, the Europeans to slow down inflation and “the United States to seek a solution for energy security in the world”, he pointed out.

Sri Mulyani Indrawati, Minister of Finance of Indonesia, the host country, had urged the leaders of the G20 to unite and act in the face of the food and energy crises whose consequences could be “catastrophic”.

“The world is watching us”, “the price of a failure to agree is higher than what we can afford”, warned the minister. “The humanitarian consequences for many low-income countries would be catastrophic.”

Indonesian Finance Minister Sri Mulyani Indrawati and US Secretary Janet Yellen at the G20 Finance in Bali, July 15, 2022

Indonesian Finance Minister Sri Mulyani Indrawati and US Secretary Janet Yellen at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/MADE NAGI)

Discussions were initially expected to focus on how best to encourage a return to growth after the Covid-19 pandemic, but it is the impact of the war in Ukraine, with the food and energy crises, that is now in top priority.

“Putin’s actions, including the destruction of agricultural infrastructure, the theft of grain and agricultural equipment and a de facto blockade of Black Sea ports, amount to using food as a weapon of war,” Janet Yellen lamented during the course. of a conference.

Janet Yellen had participated in a boycott of the G20 meeting in April when Russian officials spoke in Washington. And the meeting ended without a final communiqué.

In the absence of a consensus between the countries on the causes of the current economic problems, the publication of a press release is again unlikely, but the West has chosen this time to reply to Moscow.

– Many absent –

Indonesia, host country of the G20 this year, wanted to remain neutral and did not give in to Western pressure to keep Russia out of the meetings.

International Monetary Fund Managing Director Kristalina Georgieva at the G20 Finance in Bali, July 15, 2022

International Monetary Fund Managing Director Kristalina Georgieva at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)

But the host country struggled to get a full round of funding, with many officials absent.

European Central Bank (ECB) President Christine Lagarde participated virtually in the event and “explained the ECB’s views on growth and inflation in the eurozone, more impacted by the war in Ukraine than most. other parts of the world,” according to a G20 source.

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Friday called on governments to target their aid measures on the most “vulnerable” populations in the face of “an unprecedented combination of shocks”. She had warned before the meeting of a “darkening” global economic outlook.

This meeting is a preparatory stage for the G20 Heads of State summit to be held in November in Bali.

© 2022 AFP

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