| Publication |
2010.
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| Summary/Abstract |
FOLLOWING THE CHRONOLOGY of events, the story of the two summits that took place in Canada in late June should be started with the meeting of the G-8 leaders in Muskoka (June 25-26). However, the logic of global economic development and the changing balance of the two global forums suggest that the first to be analyzed should be the results of the G-20 summit in Toronto (June 26-27).
The summit was conceived as an intermediate one between the Pittsburgh and Seoul summits. The Canada meeting was expected to discuss mainly the implementation of the Framework for Strong, Sustainable, and Balanced Growth. However, due to a number of new financial-economic and political circumstances, its significance increased greatly and so the agenda had to be revised. There were several reasons for that.
Firstly, the sovereign debt crisis in Greece. It showed dramatically what consequences the uncontrolled growth of budget deficits and state debts in the majority of developed Western countries could have for the global economy as a whole. These debts have been accumulated over a long time but their explosive growth occurred during a crisis period, on the one hand, because of government spending on anti-crisis programs and on the other, because of shrinking budget revenues amid an economic slump.
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