Leaders of the 20 biggest economies in the world gathered yesterday in Pittsburgh, PA, in order to discuss what measures should be undertaken in global terms, so that future economic crisis can be avoided. This G20’s third meeting for one year – the first two were in November 2008 and April 2009. One of the most important topics of discussion is setting stricter financial regulations.
Obviously this is a current topic, because even regulators in Greece tightened rules and took the licenses of 5 insurance companies, among which are Aspis, Skourtis, General Union and General Trust. The future of 1 million and 200 thousand people insured in those companies is still uncertain. Another bad news for Greek economy is that ThyssenKrupp canceled an order for 4 submarines, which were supposed to be build by the Greek workers. According to the German company, the Greek state owes them over €520 million.
Stock exchanges answered negatively to the planned changes for financial regulation. Dow Jones fell with 2% for one day and closed on Thursday with 9720.1 points. Nasdaq also fell with 2.5% and reached 2107.8 points.
As part of the initiatives planned for the G20 meeting is also the decision for a new pan-European regulators for all EU country members. Chairman of the new institution will be Jean-Claude Trise, president of the European Central Bank. His deputy chairman will be Mervin King, governor of the English National Bank.
In other news – the British pound kept falling in relation to the Euro. On Thursday one GDP was traded for €1.0953 and $1.6056. This is the weakest the pound has been ever since January, when one GDP was traded for €1.0463.
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