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Backgrounder: Chronology of global counter-crisis actions since 1st BRIC summit

2010-04-16 10:34 BJT

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BEIJING, April 15 (Xinhua) -- Financial and economic issues will be high on the agenda of the second BRIC summit to be held Thursday in Brasilia, Brazil, aiming to accelerate the economic recovery.

The following is a chronology of global counter-crisis actions since the first BRIC summit held in Yekaterinburg, Russia, in June 2009.

June 24 - 27, 2009 -- U.N. Conference on the World Financial and Economic Crisis and Its Impact on Development was held in New York. Its outcome document called on the international community to increase assistance to developing countries without fiscal resources to tackle the crisis while fulfilling existing commitments.

June 26 - 27, 2009 -- The Financial Stability Board (FSB), created by the Group of 20 (G20) in its London summit in April, held its inaugural meeting in Basel, Switzerland. The board aims to monitor the world's macro-economic policies and financial markets in prevention of potential risks.

July 8 - 10, 2009 -- The Group of Eight (G8) held a summit in L'Aquila, Italy. The leaders discussed issues ranging from financial crisis and economic recovery, climate change to energy security. Together with the leaders of six developing countries (China, India, Brazil, Mexico, South Africa and Egypt), the group issued a joint statement pledging actions against global challenges.

Sep. 4, 2009 -- The BRIC financial ministers and central bank governors voiced their views on the reform of international financial institutions. They contended that the centerpiece of the reforms in the International Monetary Fund (IMF) and the World Bank (WB) should shift more representativeness to the emerging economies from the developed world.

Sep. 24 - 25, 2009 -- The G20 nations held their third financial summit to exchange views on global recovery, sustainable development, financial regulation, reform of financial institutions, fight on trade protectionism and the Doha round talks.

Feb. 14, 2010 -- Abu Dhabi pledged 10 billion U.S. dollar worth of rescue fund to shore up the debt-ridden Dubai World, a state-owned conglomerate, whose debt default sent the world into another round of crisis shock.

March 25, 2010 -- The EU summit hammered out a much-anticipated rescue package to help Greece through its debt crisis. The leaders pledged to stand ready in concerted efforts with the IMF to provide the needed money for the Greek government to pay off its debt.

April 11, 2010 -- Finance ministers from the 16-nation euro zone settled on additional details of the rescue package to address Greece' huge debt, promising 30 billion euros (40.96 billion dollars) as the first batch of bail-out money Greece feels in want of EU aid.

Editor: Du Xiaodan | Source: Xinhua