Global leaders struggle to calm recession fears

Friday, September 23, 2011
WASHINGTON — The world’s major economies are pledging to take strong actions to restore financial stability and calm financial markets that plunged on Thursday over renewed fears that the global economy was headed toward a new recession.
Finance officials of the Group of 20 major economies issued a statement late Thursday saying they were committed to a strong and coordinated response to renewed challenges coming from the European debt crisis and weak economic growth in the United States and other countries.
The finance officials of traditional economic powers such as the United States, Japan and Germany and major emerging nations such as China want to demonstrate strong resolve in the hope that it will calm jitters that had sent financial markets down sharply.
“We are taking strong actions to maintain financial stability, restore confidence and support growth,” the G-20 joint statement said. “We commit to take all actions to preserve the stability of banking systems and financial markets as required.”
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke represented the United States at the meeting.
The G-20 group, which includes officials from countries that represent 85 percent of the global economy, had not been originally scheduled to issue a statement after Thursday’s meeting. But officials said the decision was made to put out a joint statement as a way to show resolve in the face of Thursday’s market turbulence.
French Finance Minister Francoise Baroin told reporters at a late night briefing that the statement represented a “strong global” response to what he called a “very serious situation.”
He said the G-20 group believed “there is a way out of this crisis.”
A senior U.S. Treasury official who briefed reporters on condition of anonymity to discuss the closed-door discussions said that all the countries felt there was a sense of urgency to take strong actions to deal with the financial market turmoil.
Investors are worried that Europe’s debt crisis could destabilize the global economy. The United States is limping along with slow growth, 14 million unemployed and millions stuck with homes worth less than what is owed on the mortgage.
The Dow Jones industrial average sank 391 points for the day. The second-straight day of massive losses on Wall Street coincided with the start of the annual meeting for the 187-nation International Monetary Fund and its sister lending institution, the World Bank.
“The current economic situation is entering a dangerous phase,” said Christine Lagarde, the head of the IMF.
“I still think a double-dip recession for the world’s major economies is unlikely, but my confidence in that belief is being eroded daily,” World Bank President Robert Zoellick said.
On Wednesday, stocks had tumbled after the Federal Reserve expressed new concerns about the U.S. economy and the growing risks in Europe. The Fed also announced a plan to try to lower long-term interest rates further by shuffling the makeup of its portfolio.
The gathering of world finance leaders comes at a perilous time in Europe.
Greece could default on its debt next month unless it receives a $10.9 billion installment from a bailout fund managed by the European Central Bank, the European Commission and the IMF.
A default could destabilize other financially troubled European countries, such as Portugal, Ireland, Spain and Italy. It would also deal a blow to many European banks, which are large holders of Greek government bonds.
“What is needed and what certainly we hope to generate … is the political leadership, and the degree of synchronization that needs to happen for that path to recovery to be made possible,” Lagarde had told reporters earlier Thursday.
Brazil, India and China and other emerging economies favor efforts by President Barack Obama to tackle the U.S. budget deficit. And they want the 17 countries that use the euro currency to address the debt crisis in their region.
Major emerging economies including Brazil, India, China, Russia and South Africa said in a statement that they would “consider, if necessary, providing support through the IMF or other international financial institutions” to address the European debt crisis.
Finance officials from the group played down reports that they might purchase government debt of troubled European countries. At a news conference, they said it would be politically difficult to sell such a move to voters in their home countries, many whom have far lower standards of living than European countries.
Still, Brazilian Finance Minister Guido Mantega said the emerging nations understand the crisis must be contained.
“We are living through a worsening of the crisis in recent months and we have to prevent the crisis from making a qualitative jump, reaching a more serious level,” Mantega said.
Geithner said the United States has a huge stake in seeing Europe succeed. He said European governments would “act with more force” to resolve its debt crisis in the coming weeks.
Olli Rehn, the European Union’s top economic official, said the 16 other euro zone countries won’t abandon Greece and allow it to default on its massive debts.
“An uncontrolled default or exit of Greece from the euro zone would cause enormous economic and social damage, not only to Greece but to the European Union” and the rest of the world, Rehn said.
The U.S. economy appears to be slightly more stable than Europe. Still, more than two years after the recession officially ended, it is barely growing. Consumer and business confidence is low. In August, employers added no net jobs, and consumers didn’t increase their spending on retail goods.
On Wednesday, the Fed said it will try to push long-term interest rates lower and make consumer and business loans cheaper by shifting $400 billion out of short-term Treasury securities and into longer-term bonds. Economists, however, doubt the plan will do much.
Obama has proposed a $447 billion jobs-creation package. But the president’s plan lacks support in Congress. Republicans strongly oppose his proposal to pay for it with higher taxes on wealthier households, hedge fund managers and oil companies. (AP)

http://www.sunstar.com.ph/breaking-news/2011/09/23/global-leaders-struggle-calm-recession-fears-181037

Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices. Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world. As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years. Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.

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Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila

Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Clark Wine Center

Bldg 6460 Clark Observatory Building

Manuel A. Roxas Highway corner A Bonifacio Ave,

Angeles Clark Freeport Zone, Pampanga 2023

(045) 841 4006 / 0922-870-5173 / 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars

Manila Sales Office

3003C East Tower, Phil Stock Exchange Center,

Exchange Rd Ortigas Metro Manila, Philippines 1605

(632) 637-5019 0917-520-4393 ask for Rea or Chay

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

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Looking for interesting hotels near Manila Subic Clark Angeles City Pampanga?
Trouble free hotels and well recognized hotels in Subic Clark Angeles City Pampanga
Clearwater Resort and Country Club offers a good place to stay in Subic Clark Angeles City Pampanga. In offers nice place to have rest in Subic Pampanga outside Manila.
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Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions

Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila.

www.YatsRestaurant.com
Where to go in Clark? Hotel Clark Philippines is a De Luxe Hotel in Clark and Subic, a risk free place to stay, cozy and nice ambience, a nice function place for special occasion. It is one of North Luzon Philippines’ top hotels that is trouble free, risk free, and a nice place to have rest in Subic. A well-recognized and interesting hotel.

www.HotelClarkPhilippines.com