- before the official start of the G-7 summit, finance ministers and central bankers of the major industrialized countries to meet with seven prominent economists to economic problems to discuss.
- Officially Greece is not on the agenda, but it can be assumed, the Greek debt crisis will be the topic.
- The Greek Prime Minister Alexis Tsipras claimed that negotiations with donors are nearing completion. The deputy head of the EU Commission, Valdis Dombrowski, denied Tsipras statement.
It will all go very relaxed this Thursday in Dresden. On the finance ministers of the seven largest industrial nations (G7) once waiting for a meeting with seven of the most influential economists in the world: with Larry Summers, with Nouriel Roubini, Martin Hellwig, Kenneth Rogoff, Alberto Alesina, Jaime Caruana and Robert Shiller. About the conversation with the scientists a discussion should be encouraged also among the ministers, according to the federal government.
Germany currently holds the G7 presidency and the aim is to establish a constructive and lively atmosphere as they were in 2013 when the last meeting of finance ministers in Hartwell House in Buckinghamshire. The group of G-7 also includes the United States, Japan, Britain, France, Italy and Canada. The finance ministers are accompanied by their central bank chiefs.
In order to underline the informal nature of the meeting, there should be no final statement, to avoid that the delegations argue endlessly about the various points in the text. At issue is an open conversation, also in the discussion with the scientists.
food for thought for politicians
There is to discuss three main topics, as Finance Minister Wolfgang Schäuble (CDU) has previously announced: “Our goal is to make the world economy more dynamic, strengthen the financial system and the international tax system more equitable.” These economists are to give politicians the necessary food for thought.
As far as the official program. But often, the plan at the G-7 meeting, regardless of whether the finance minister or the government, current events nixed. And although the German Presidency repeatedly stressed that it does not go to Greece at this meeting of finance ministers, it will go almost certainly again to the question of how the country can be saved from the largely self-inflicted misery – as possible, without going bust go Here! withdraw from the euro area.
How hard the Greek question is answered, is a statement by Nobel laureate and Yale economist Robert Shiller, who was with the third edition of his bestseller “Irrational Exuberance “is on tour idea. “I have a feeling that it would be better to keep Greece in the EU,” he said the day before the G-7 meeting in Berlin, only to complement it: “But how could succeed…?”
Well. In the federal government is in any case quite relieved at the announcement of several Greek leaders, wanting to make the beginning of June due payment to the International Monetary Fund (IMF) – after the interior minister Athenians had previously announced the opposite on Sunday. Thus the country is manifestly solvent, according to Berlin. And recognize that it will not go without the IMF if it wants to receive new money of creditors.
“We are on the home stretch”
But worried on Wednesday Greeks again for confusion. Prime Minister Alexis Tsipras announced after an emergency meeting with his finance minister and the negotiators of his reign, leading the talks in Brussels that an agreement with the lenders was imminent: “We are on the home stretch.” Then shot the stock markets in Europe in the air, but only an hour later contradicted Valdis Dombrowski, the Vice-Chief he European Commission, the statements of Tsipras: “. We are not ready” Perhaps the Greeks had merely taktiert because he had also said in Athens that his government had to prove in the final phase of negotiations “coolness and determination”.
And so should Greece decide the debate even when the G-7 ministers – even if it is not there on the agenda. By the Friday, when the issue of “geopolitical risks” will be called, it could also go to the “Grexit”, the resignation of the country from the euro zone. Walks away from Schäuble. “I’d be surprised if they did not ask us to Greece,” he said recently.
His American counterpart, Jack Lew made before the meeting started. The European Union and the IMF would need considerably more flexibility in dealing with the Greek problem lay in the day. The general aim was to prevent a crisis in Greece. After all, no one should be lulled into the false security of being able to make predictions about the effects of the crisis. The federal government has recently repeatedly heard with reference to the European rescue mechanisms that a Greek exit from the monetary union has lost its terrors and was manageable.
So much about the German side in the things, Dresden do not really want to talk. Finally, there are other important issues to discuss. For example, the question of whether it might be at the time, the Chinese currency, the renminbi, to be incorporated into the basket of the IMF’s currency.