Greece Announcement
29 April 2010
The announcement by Greece on Friday that it would seek to activate EU and IMF support packages altered significantly the tone and substance of the G20 meetings. As expected in the April 21 note to clients, no major progress was sought or achieved on the tax proposals unveiled by the IMF this week. This note analyzes what the G20 actually said together with parallel statements and studies issued by the IMF and the G24 (developing countries). Taking a step back from the headlines and rhetoric, a clear picture emerges of a global financial system once again experiencing unprecedented stress, growing consensus on financial reform issues, and deep division among nation states in how to work together.
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