G-8 Summit
G-8 leaders assembled in Italy to address global issues. With no exception, this year leaders of the developed countries have come up with lofty promises. But what is heartening to note is that this year the leaders did not come up with any clichés like 'combating terrorism' frequently used in Bush-Blair era.
However, they have pledged $20b to stave off the food crisis which is like a drop in the bucket. We know when the economic crisis takes a swipe at the developed countries; the poorer nations are heavily affected by it.
The developed countries have already cushioned their economy from recession by bailout, incentive schemes and protectionism. But on the other hand, the developing and underdeveloped countries are left in the lurch due to their paucity of resources.
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