International News: S.S

Richest Countries to the Rescue!!!!

The richest countries in the world have decided to fix the economy. They have come forward together to save our economy from worry.

A group of seven countries have met to restore the global financial system. I got this information from cnn. The seven richest countries are the United States, Germany, Japan, Britain, Canada, Italy and France. Italy had hosted this year’s meeting, which occurred on the 14th of February. The meeting, which was held in Rome, lasted for two days. During the meeting, the finance ministers from the seven countries concentrated on the solutions to this crisis. The Treasury Secretary of United States, Timothy Geithner attended the meeting. Geithner told other finance ministers that the world needed to focus on stabilizing and strengthening financial systems. The seven administrators also talked about economic policies and the function of the markets. Another thing the group emphasized was, and I quote, “An open system of global trade and investment is indispensable for global prosperity". In addition to all these issues, Geithner picked up a subject that has been on the mind of many Americans, the recovery package. He told the other six ministers that the $787 billion package was agreed by the U.S Senate and was going to be used to boost the economy. He also told them that, and I quote, “the package provides a very powerful mix of investments and tax cuts to create jobs and to strengthen our long-term growth potential.” The Managing Director of International Monetary Fund (IMF), Dominique Strauss-Kahn expressed his happiness over the approval of the stimulus package in U.S. senate. In the end, all seven financial ministers agreed that problems of such severity should not recur.

My opinion on this subject is that the topic was writhing and was very interesting to read. I was very happy to find out that the U.S Senate had consented to the stimulus package. It was ironic to see a rich country like U.S. being hit the hardest.
One question that I am having is that does the G-7 meet every year? My second question is that are there only seven rich countries? Why not more or less? My last question is that will it be the same seven countries forever or will they change?
Even though the article was short, it had a lot of detail and information.