The London Daily News provided regular updates from inside the G20, a day after the historic summit a sober assessment of the Communique is given by the editor of London's daily online newspaper
John Kaponi
In the cocooned surreal world that was the G20 summit, bumping into Hillary Clinton, chatting with President Sarkozy and trying to avoid Bob Geldoff who seemed to be giving interviews with all the 1500 journalists at Excel, the day after requires sober thought.
Ultimately will Prime Minister Gordon Brown and the rest of the leaders of the G20 succeed in reviving the global economy with the "stimulus package" that will see a greater role for the IMF, more money available to failing economies in the world and more money being printed in the global financial system?
From the mood of the summit the delegations of all the leaders who briefed the media gave a sober, realistic appraisal of the problems facing the global economy. The British Government with one eye on reviving its own future with the British electorate needs a massive boost from the G20. This "boost" will take time to materialise and may not save Gordon Brown or Labour, but this package will save the world.
The London Daily News has not been a Gordon Brown fan, but he played a very good card, worked extremely hard and is beyond doubt one of, if not the pre-eminent leaders in the world with knowledge and gravitas to steer the global economy from disaster.
Other highlights included the visible annoyance of the French President who was seen by the London Daily News debating vigorously with the British Prime Minister the need to regulate the global financial system.
The package will make an impact for the good, but how long it will take to start turning the global economy around is the key point.
From the G20 Communique "to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy".
In terms of the organisation of the event, the British should be pleased on the whole with the G20, but the venue despite having easy transport for the VIPs, for the delegates and press the event was a nightmare. Delays entering and leaving the event left a very bad impression of London and issues over accreditation and access to the politicians created lots of unhappy hacks complaining to the G20 organisers.
The winners of the G20 will be Prime Minister Gordon Brown, President Obama and the IMF who were elated at the increased role under the new package wit more money available to it to invest in countries with very weak economies. One Greek journalist from Antenna TV (Greece held a general strike on the G20) made a plea to President Obama for IMF to support despite the Greek refusing to take this course of action.
Lord Mandelson who spoke the journalists said:
"Its about the implementation of the G20 Communique".
National governments must start working together in a concerted fashion to resolve this economic mess, and the G20 Communique will help the world away from an economic depression.
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