Thousands of protesters turned out in France ahead the G20 summit, held this year where the focus has been the possible default by Greece and the banking crisis in general across Europe. G20 leaders hope the 2-day summit will have produced reforms of the global monetary and financial systems and promote economic development.
President Medvedev’s first order of business after arriving in France for the G20 Summit was to attend the BRICS countries meeting, where BRICS leaders discussed the current difficulties in the eurozone and to attempt to develop a consolidated BRICS position on how to approach the debt issues posed by European countries.
The meeting was attended by President of Russia Dmitry Medvedev, President of Brazil Dilma Rousseff, Prime Minister of India Manmohan Singh, President of the People’s Republic of China Hu Jintaoand President of South Africa Jacob Zuma.
Mr. Medvedev then held a meeting with the President of China, Hu Jintao, before the official start of the G20 Summit in Cannes, France. The leaders of China, Russia and the United States pressed their counterparts to move swiftly in solving the debt crisis.
The country at the forefront of the crisis, Greece, is not a member of G20 but Greek Prime Minister George Papandreou was in attendance.
The G20 endorsed a new IMF credit line to help countries facing economic shocks beyond their control. UK Prime Minister David Cameron challenged world leaders gathered at the G20 summit in France to show the “political will” needed to fix the global economic crisis.