The Hellenic Radio (ERA): News in English, 08-11-15

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] G20: New Strategy Adopted

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Europe officially fell into recession on Friday and the U.S. economy suffered thousands more layoffs and the biggest retail sales dip on record as world leaders met in Washington to address the worst financial crisis in 80 years.

Leaders of the Group of 20 advanced and emerging economies said they were working on plans to counter the growing economic threat and prevent future crises, but big breakthroughs were not expected at their meeting in the U.S. capital, given the absence of U.S. President-elect Barack Obama whose involvement will be key to any global initiatives.

The United States is probably already in recession, most economists agree, but official data showing that will not come out until January.

There is a detailed action plan of measures that will be announced on 31 March 2009, the French presidency stresses that concludes that G20 has to sent a "message of hope coming form the mutual efforts of these countries to support the financial activity".

Barroso and Merkel's Statements

We cannot expect a miracle from this summit, which was Europe's idea, but will rather see the beginning of a process that will create a finished programme in 100 days,' he said an interview with the German daily Sueddeutsche Zeitung published on Friday. 'This summit must not fail.'

Mr Barroso said that did not mean that concrete decisions would not be taken at the Washington meeting.

'For example we need to give the International Monetary Fund more power to act and achieve our main goal of imposing effective regulations on every relevant financial institution - around the globe, nationally and internationally,' he said.

'That is also something that many participants would not have agreed to a few months ago. The crisis has forced them to reconsider.' He acknowledged that Europe was 'on the verge of a serious economic slowdown' and said the 27 European Union member states must roll out measures to shore up their real economies.

'We must immediately develop a similar tool box for our economy like we have for the financial system,' he said. German Chancellor Angela Merkel told the same newspaper in remarks released Thursday that she expects 'difficult talks' at the G20 summit.

But she said it was crucial that the first steps towards improved financial regulation are taken soon.

News item: 15573

[02] G. Papandreou: Man at Focus of Economy

Meeting of Socialist International in Mexico

Main opposition PASOK leader and Socialist International (SI) President George Papandreou will chair a meeting of the SI's council which will be held in Nuevo Vallarta, Mexico, on November 17-18.

Issues to be debated at the SI council meeting include:

-The return of politics: the governments' and the regulatory frameworks' crucial role in securing a sustainable and fair world economy,

-New possibilities of international and multilateral cooperation following the U.S. presidential elections,

-New approaches to policies of social justice and their incorporation in the economies of developing countries,

-Dealing with inequalities and reinforcing regional cooperation in Latin America and the Caribbean.

On Sunday, Papandreou will chair a meeting of the SI's Presidium, while the two meetings are held under the auspices of two Mexican parties-members of the SI, the Partido Revolucionario Institicional (PRI) and the Partido de la Revolucion Democratica (PRD).

On Friday, the main opposition leader is also due to address a conference on the economic crisis, international security and the new world economic architecture, in New York.

Source: Athens News agency

News item: 15571

[03] Hillary Clinton-Candidate to be U.S. Secretary of State

Obama is expanding his search beyond other candidates mentioned for the job, such as Massachusetts Sen. John Kerry, a Democrat who lost the 2004 presidential election to George W. Bush, and Nebraska Sen. Chuck Hagel, a Republican who backed Obama over Republican John McCain this year.

News item: 15551

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