G7 Digest – Key ATCA Tweets – China, Euro Crisis and Bank Tax

London, UK - 7th February 2010, 16:00 GMT

Dear ATCA Open & Philanthropia Friends

[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]

The highlights of the G7 finance ministers meeting in Iqaluit, Canada, are presented as a series of @ATCAOpen tweets:

Governor of the Bank of England Mervyn King rides a dog sled in Iqaluit, Canada, at G7 meeting.

New Approach

. G7 officials liked no-nonsense, informal format of Iqaluit talks, which allowed them to speak their minds openly and free them from communiqué.

. 'Open speech, not working out communiqués, that is the meaning of the new G7': German Finance Minister Wolfgang Schaeuble.

Unusual Start

. G7 ministers started meeting with dog sleds near the Arctic Circle: ride was aimed at displaying 'folksiness' and 'back to basics'. http://ow.ly/14Fbw


. G7 told earthquake-ravaged Haiti that any debts it owes them needn't be repaid and international lenders should do the same. http://ow.ly/14FkE


. Japanese Finance Minister Naoto Kan told G7: Tokyo focusing on China's economy as it is showing signs of a bubble. http://ow.ly/14Fi9

. G7 discussed Yuan concerns: 'This is an issue that cannot be avoided' Canadian FM Flaherty said. 'It's a G20 issue too.' http://ow.ly/14FeY

. G7 pushes for more exchange-rate flexibility: Major economies with inflexible currencies must consider strengthening them. http://ow.ly/14FmZ

. Yuan too weak? G7 agrees to push China to float its currency in line with a policy established in Istanbul in October. http://ow.ly/14F7L

. Japan suggests discussions on China's yuan could take place in wider G20 developed and emerging economies summit of which China's a member.

Euro Crisis

. Euro's worsening crisis cast shadow over G7 summit with Spain and Portugal threatening to spiral into Greek debt crisis. http://ow.ly/14Frz

. Japan's Finance Minister Kan: G7 discussed European nations' sovereign risk and the state of the Chinese economy. http://ow.ly/14FCt

. G7: no need for IMF to bail out eurozone; JC Juncker, chairman, Eurozone finance ministers: must solve problem ourselves. http://ow.ly/14Jc7


. Fragile: G7 finance ministers issue warning in Iqaluit that governments should not withdraw economic stimulus too early. http://ow.ly/14F1R

Bank Tax

. G7 warms to idea of bank levy to insure global economy against future financial crises: Transaction tax or deposit fee? http://ow.ly/14Fw9


. Arctic G7 meet ends with cautious optimism: Canadian FM Flaherty says there are 'good signs' that worst's over at wrap-up. http://ow.ly/14F3V

. G7 wraps up without consensus on bank reform. Geithner: it would be premature to introduce substantial regulatory reform. http://ow.ly/14FAE

. The next G7 finance ministers' meeting will be on the sidelines of the International Monetary Fund's spring meetings in Washington.


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Best wishes

ATCA: The Asymmetric Threats Contingency Alliance is a philanthropic expert initiative founded in 2001 to resolve complex global challenges through collective Socratic dialogue and joint executive action to build a wisdom based global economy. Adhering to the doctrine of non-violence, ATCA addresses asymmetric threats and social opportunities arising from climate chaos and the environment; radical poverty and microfinance; geo-politics and energy; organised crime & extremism; advanced technologies -- bio, info, nano, robo & AI; demographic skews and resource shortages; pandemics; financial systems and systemic risk; as well as transhumanism and ethics. Present membership of ATCA is by invitation only and has over 5,000 distinguished members from over 120 countries: including 1,000 Parliamentarians; 1,500 Chairmen and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at Academic Centres of Excellence; 500 Inventors and Original thinkers; as well as 250 Editors-in-Chief of major media.

The Philanthropia, founded in 2005, brings together over 1,000 leading individual and private philanthropists, family offices, foundations, private banks, non-governmental organisations and specialist advisors to address complex global challenges such as countering climate chaos, reducing radical poverty and developing global leadership for the younger generation through the appliance of science and technology, leveraging acumen and finance, as well as encouraging collaboration with a strong commitment to ethics. Philanthropia emphasises multi-faith spiritual values: introspection, healthy living and ecology. Philanthropia Targets: Countering climate chaos and carbon neutrality; Eliminating radical poverty -- through micro-credit schemes, empowerment of women and more responsible capitalism; Leadership for the Younger Generation; and Corporate and social responsibility.

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