Moscow believes G20 crisis summit 'unlikely to see breakthrough'

Moscow believes G20 crisis summit 'unlikely to see breakthrough' (NSI News Source Info) MOSCOW - November 13, 2008: Moscow does not expect any major decisions or breakthroughs to emerge from the upcoming U.S. financial summit of G20 leaders, a Kremlin source said on Thursday. The leaders of the G8 group of industrial nations and major developing economies are scheduled to meet in Washington on November 15 to discuss the state of the world economy amid the ongoing financial crisis, as well as measures to reform the global economic system. "We do not expect any major breakthroughs [from the summit], but it is likely to be a good occasion to discuss the issue and tell each other directly what needs to be done and where we see our partners' errors," the source said. Measures taken by the United States and other leading economies to solve liquidity problems and ease the credit crunch have failed so far to restore investor confidence as global trading floors continue to show losses and the financial crisis threatens to plunge the world into a lengthy recession. Sergei Prikhodko, an aide to the Russian president, said the G20 financial summit was an unprecedented event. "For the first time ever, the leaders of the world's leading economies will gather in such a broad format to discuss one of the most acute issues of modern development," he said. "This means that the international community is gradually beginning to realize that global problems affecting the interests of virtually all countries cannot be solved from a single center and that the time is ripe for truly collective decisions and actions," Prikhodko also said.