G20 agreements "big wins" for President Obama

[ProSense]

Published on Friday, September 25, 2009 by the Herald Scotland

G20 to Become Forum for Global Economic Cooperation

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Leaders of the G20 developed and developing nations also agreed to make the International Monetary Fund more representative by increasing the voting power of countries that have long been under-represented in the world financial body, said the draft G20 communique obtained by Reuters.

It called for a shift in IMF voting by at least 5 percent, although several G20 representatives said it was a 5 percentage point shift from developed to under-represented countries. Currently, the split in voting power is 57 percent for industrialized countries and 43 percent for developing countries. The shift would make the split nearly 50-50.

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The agreements are big wins for U.S. President Barack Obama, hosting his first international summit. Since his election last year, he has pushed for changes in the global financial architecture to recognize the increasing economic clout of China and other emerging markets.

The agreement to overhaul the IMF's voting structure is especially big for the new Obama administration, given that the United States proposed the 5 percentage point shift. The speed with which the G20 agreed to the change - if the draft communique is eventually adopted - is surprising because of the politically sensitive nature of the issue for Europe, which will see the biggest dilution in its voting power.

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[SpiralHawk]

1. "But Obama didn't get immunity for Republicon torturers" - Republicons

"So we hate him for that" - Republicon Family Values Torturers

[ProSense]

2. They're on their own. LOL! n/t

[timeforpeace]

3. Big wins for Obama. For the US, not so much.