The Group of 20, a club of nations that was founded to tackle the 2008 financial crisis, is desperately seeking a second act.
To say that expectations are low for the annual meeting — which will draw President Biden and Chinese President Xi Jinping, as well as leaders from Europe and emerging powers such as India and Brazil — would be an understatement.
In 2009, the United States, China and Russia worked together to prevent the financial crisis from plunging the world into a depression. In a memoir, Obama wrote that “probably the single best piece of news” he received at the London summit was China’s commitment to a major economic stimulus package.This year, any notion of shared endeavor has become a casualty of the widening split between the United States, on one hand, and Russia andon the other.
“The president believes very centrally in the ongoing importance of the G-20,” said a senior administration official who briefed reporters on the meeting, speaking on the condition of anonymity.The summit is where “the world can come together to talk through the important challenges that we face,” he added.
“The debt crisis is intensifying,” the United Nations Development Program warned last month, as it identified 54 countries with severe debt problems, including Somalia, Argentina and Laos.
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