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Views on the News - 28/11/08

Latin America: Russia Bolsters ties with Venezuela Taking advantage of America’s waning influence in Latin America, leaders of Russia and Venezuela vowed closer cooperation to establish a “multi-polar” world. The pledge came ahead of planned Russian Naval exercises with Venezuela. Speaking about the closer military cooperation Russian President Medvedev said, “is not a market relationship or aimed at any other state but is based on partnership ... It should strengthen multi-polarity in the world including in South America and Latin America...We will develop our military cooperation.” Hugo Chavez the leader of Venezuela expressed harsher words about US hegemony. “We should fight to make a world of catastrophes caused by hegemony and unilateralism a thing of the past,” said Chavez, going on to denounce what he called the “dictatorship of the dollar” and announcing efforts to move away from dollar transactions in trade with Russia. On the commercial front the two countries inked an agreem

Analysis on G20 Summit

The following is a translation from Arabic. 1. From 14 to 15 of November the Group of Twenty (G20) met to discuss a variety of issues pertaining to the healthy of the world economy. Before elaborating on what was discussed and concluded, it is important to comprehend some background information. 2. The Global Financial System (GFS) unleashed a series of financial crisis in Mexico (1994-95), Asia (1997-98), Russia (1998), and Argentina (1999). It was in the aftermath of these crises that The G20 (more formally known as the Group of Twenty Finance Ministers and Central Bank Governors) was formally established at the G7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15-16, 1999 in Berlin. 3. G20 is a group that consists of finance ministers and central bank governors from 20 economies. This includes 19 of the world's largest national economies, plus the European Union (EU). Collectively, the G20 economies comprise 8