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Canada hosts G20, G8 summits

June 25, 2010 - CANADA

Group of Eight and Group of Twenty heads of government debate touchy issues such as global economic governance, with the G20 summit emerging as the dominant voice.The global economic crisis remains the top issue for both groups. G8 leaders meet Jun 25-26 in Huntsville, rural Ontario. The G20 summit follows in Toronto, Jun 26-27. The Liberal opposition is taking issue with the Can. $1.1 billion cost of the summit and a fake lake. The government argues the main cost is for security.

Group of Eight and Group of Twenty heads of government debate touchy issues such as global economic governance, with the G20 summit emerging as the dominant voice.The global economic crisis remains the top issue for both groups. G8 leaders meet Jun 25-26 in Huntsville, rural Ontario. The G20 summit follows in Toronto, Jun 26-27. The Liberal opposition is taking issue with the Can. $1.1 billion cost of the summit and a fake lake. The government argues the main cost is for security. In Sep 2009 world leaders decided the G20 would supplant the G7 and G8 (the G7 plus Russia) as the key international economic councils, and 2010 could be the last year of formal G7 and G8 meetings. Canada and South Korea co-chair the G20 in 2010, so some of the preparatory meetings of finance ministers and bank governors will be held in South Korea, which has set a G20 summit for November. In Nov 2009 United States shares hit a 13-month high and stock markets in Europe jumped sharply after the G20 pledged to keep supporting the global economy. Former United Kingdom Prime Minister Gordon Brown said the G20 should consider measures such as taxing financial transactions to penalize excessive risk taking and limit the burden on taxpayers of bank failures, but the United States is opposed to the measure. Tighter capital rules and pooled bank resolution funds could also be considered, he said. The United States has so far resisted the measures. CTV reports that the Liberal party is playing on public outrage over the estimated Can. $1.1 billion price tag of the upcoming G8 and G20 summits in a series of new radio ads. The French and English radio spots cite the so-called "fake lake" that's being built for media in the Toronto Convention Centre as evidence of wasteful spending on the summit, but the government insists most of the money is for keeping the leaders safe. Massive protests are expected. The G8 brings together Britain, Canada, France, Germany, Italy, Japan and the United States with Russia. The G20 includes major emerging markets. It is made up of: Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union presidency. The G20 represents some 90 per cent of the world's wealth, 80 per cent of world trade and two-thirds of the world's population, according to a statement after G20 talks in St. Andrews, Scotland, in 2009. UPDATED Jun/10

Liberal ads call upcoming summits 'ego trip' for PM (CTV 13 Jun 2010)http://calgary.ctv.ca/servlet/an/local/CTVNews/20100613/liberal-ad-g20-100613/20100613/?hub=CalgaryHome G20 switch shaping more local, unpredictable world (Reuters 27 Nov 2009)

Global shares jump on G20 pledge (BBC 9 Nov 2009)

Dude, where's my summit(Globe & Mail 18 Feb 2009)

Date written/update: 2010-06-25