- Title: CANADA: GROUP OF SEVEN MEETING IN MEECH LAKE
- Date: 9th February 2002
- Summary: (W8) MEECH LAKE - NEAR OTTAWA, CANADA (FEBRUARY 9, 2002) (REUTERS - ACCESS ALL) 1. SV U.S. CENTRAL BANK CHAIRMAN ALAN ALAN GREENSPAN GREETS GROUP OF SEVEN FINANCE MINISTERS 0.07 (W1) MEECH LAKE - NEAR OTTAWA, CANADA (FEBRUARY 9, 2002) (REUTERS - ACCESS ALL) 2. LV MINISTERS WALK INTO NEWS CONFERENCE 0.14 3. MCU (English) MINISTER OF FINANCE AND CHAIR OF THE G7, PAUL MARTIN SAYING: "We discussed the global economic outlook and the current slowdown. We are in agreement that we expect it to be short-lived." 0.21 4. SV PHOTOGRAPHERS 0.23 5. SLV MARTIN SEATED WITH U.S. TREASURY SECRETARY PAUL O'NEILL 0.25 6. MCU (English) U.S. TREASURY SECRETARY PAUL O'NEILL SAYING: "We need to keep going, we need to raise the bar of expectations of what it is that we expect to accomplish and identify and interdicting and the confiscating money of terrorists and drug trafficker and other evil doing people." 0.44 7. MCU CAMERAMAN 0.46 8. LV OF NEWS CONFERENCE 0.49 9. MCU (English) U.S. TREASURY SECRETARY PAUL O'NEILL SAYING: "It is very important that Japan be an engine of growth for the world economy. It is up to them to do that." 0.56 10. SLV FINANCE MINISTER AND CENTRAL BANK CHIEFS MEETING (3 SHOTS) 1.05 11. SV/SLV VARIOUS OF PROTESTERS (5 SHOTS) 1.28 12. MCU UNIDENTIFIED PROTESTER SAYING: "I'd like to shut the G7 down and they shouldn't be here and they shouldn't be interfering with all the countries in the world." 1.34 13. SLV O'NEILL WALKS DOWN THE STAIRS AND STANDS WITH OTHER MINISTERS (2 SHOTS) 1.49 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 24th February 2002 12:00
- Keywords:
- Location: MEECH LAKE, NEAR OTTAWA, CANADA
- Country: Canada
- Reuters ID: LVADL26Q4YYIDOCLA3OM5R7O6SYU
- Story Text: The global economy, terrorism funding, and Argentina's
economic crisis were at the top of the agenda at a meeting of
the world's seven richest countries in Canada.
At the end of the meeting, finance ministers from Group of
Seven countries predicted the current global economic slowdown
will be "short lived".
A drumroll of optimism rumbled through the corridors
of a meeting of world financial leaders on Saturday (February
9) as policy makers dared to hope that the chances of growth
and prosperity were starting to outweigh the risks.
In a statement weighted more toward the economic upside
than to the still ever-present risks, finance ministers and
central bank chiefs from the Group of Seven rich
industrialized nations, the United States, Japan, Germany,
France, Italy, Britain and Canada, said they were more upbeat
now than at their last meeting, back in October.
"We discussed the global economic outlook and the current
slowdown. We are in agreement that we expect it to be
short-lived," said Canadian Finance Minister Paul Martin, the
chairman of the two-day meeting.
U.S. Treasury Secretary Paul O'Neill expressed the need
for the G7 to set clear goals for itself: "We need to keep
going, we need to raise the bar of expectations of what it is
that we expect to accomplish and identify and interdicting and
the confiscating money of terrorists and drug trafficker and
other evil doing people," he said.
The G7, in language identical to that used in previous
statements, also promised to monitor exchange rates and
cooperate as appropriate. But they did not mention individual
currencies by name, and officials said foreign exchange rates
had not been a topic, even on the sidelines.
Japan's yen has been sinking against other major
currencies, prompting complaints from U.S. manufacturers and
speculation that Japan actually likes the idea, while host
nation Canada is worried about its currency's recent fall to
record lows against the U.S. dollar.
Ministers admitted that the signs of strengthening
economies seem to come mostly from North America, where both
the United States and Canada appear to be shaking off the
worst of a slowdown deepened by the crash in consumer
confidence after the September 11 attacks in the United
States.
The main risks centre on Argentina and Japan, both mired
in recession, and on separate economic tracks that do not lead
clearly and obviously to success.
The G7's final communiqué threw Argentina a crumb of
comfort by welcoming its latest policy measures as "steps in
the right direction."
But the G7 stressed that Buenos Aires needed to work
closely with the International Monetary Fund to draw up a
sustainable program that will enhance the chance of growth.
Argentina, Latin America's third largest economy, has
abandoned its policy of pegging its peso currency to the
dollar and will allow the peso to float -- or sink -- next
week and the government is desperate for words of support from
the international community and new loans from the IMF.
Regarding Japan, O'Neill said "It is very important that
Japan be an engine of growth for the world economy. It's up to
them to do that," he said.
Another focal point of the discussions were efforts to
choke of the flow of funds to terrorist groups like those held
responsible for the September 11 attacks on the United States.
A G7 statement promised tough measures to intercept money
flowing through the global banking system, and cooperation
between countries to prevent any repetition of the September
11 attacks.
The meetings, held in and near an icy Canadian capital,
took place to the clang of pots and pans banged together by
small groups of anti-capitalist demonstrators who say G7
policies of free trade and open markets have done nothing to
help the poor and are responsible for troubles in Argentina.
At one stage protesters, scampering across a frozen lake,
got to within shouting distance of the government retreat
where the meeting took place. Others also trampled a large and
obscene anti-G7 message into the snow within clear sight of
the ministers. One protester told Reuters, "We'd like to shut
the G7 down and they shouldn't be here and they shouldn't e
interfering with all the countries in the world."
But the protests were far smaller than at previous
international gatherings and the demonstrators, bundled up
against the cold, were quickly turned back by police on
snowmobiles.
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