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11/14/08

AFP: World recession deepens ahead of G20 Washington crisis summit

For the complete report from the AFP click on this link

World recession deepens ahead of G20 Washington crisis summit

The economies of all 27 EU countries contracted by 0.2 percent in the third quarter, escaping recession only because second-quarter growth was zero and not negative. Another sign of the brutal economic climate came from the Organization of Petroleum Exporting Countries which said it would hold a special meeting in Cairo on November 29 to discuss how to respond to the slump in prices. Some members want a new production cut to hold prices up despite the acceleration this might give to the downturn. French President Nicolas Sarkozy, European Commission head Manuel Barroso met Russian President Dmitry Medvedev in Nice, France, to work on proposals for the summit.

Mr.Sarkozy, current president of the European Union, said on Thursday: "I leave for Washington tomorrow to explain that the dollar, which at the end of World War II was the only world currency, can no longer claim to be the sole world currency. The world changes. We are in the 21st century and the French view is that we cannot continue into the 21st century with a system (established) in the 20th century," he said.

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