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| Today: 09 February 2010 Time: 04:24 AM |
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| Berlusconi rules out G8 formation of global financial rules |
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| Economics 7/3/2009 8:31:00 PM |
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ROME, July 3 (KUNA) -- Italian President Silvio Berlusconi on Friday
expected that the G8 group of industrial nations will not be up to the task of
forming a global financial system, accusing global institutions of spreading
anxiety.
Berlusconi made the comment during a forum organized by his country's
Ministry of Economy and Finance related to the upcoming G8 summit scheduled on
8 July in the mountain town of L'Aquila.
The president indicated for the need to discuss a number of stages on the
issue to fully form the new global rules.
The Italian set of proposals compiled by Minister of Economy and Finance
Giulio Tremonti which aim to put a stop to the repeat of another worldwide
financial downturn contains 72 pages and evolves around 12 main significant
points, he noted.
Berlusconi, accused by the Italian opposition as failing to deal with the
financial crisis appropriately, said that the worst has passed and that the
global economy is not worsening, but is on its way up.
There is no need for global fear, he suggested, for banks and markets prone
for bankruptcy have already been affected, and speculators have ceased to
exist.
He also called for the spread of confidence among consumers to tackle the
downturn. (end)
mn.sd
KUNA 032031 Jul 09NNNN
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