Developing states to take part in finance crisis summit: Japan

U.S. President George W. Bush who has agreed to hold a G8 summit in the United States as Japan, the chair of the G8 rich nations, said Monday that developing economies would take part in the emergency meeting.
(AFP/Getty Images/Ron Sachs)
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http://news.yahoo.com/s/afp/20081020/bs_afp/financebankingjapang8_081020044142

TOKYO (AFP) – Japan, the chair of the Group of Eight rich nations, said Monday that developing economies would take part in an emergency summit on revamping the ailing global financial system.

"This is not a problem only for the Group of Eight countries," Chief Cabinet Secretary Takeo Kawamura, the government's spokesman, told a news conference.

He said G8 countries were debating whether the summit would include only selected emerging powers such as Brazil, China and India or whether to invite a wide range of developing countries.


On Saturday, US President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso agreed to hold a first summit in the United States "soon after the US elections" on November 4.

Kawamura said that Japan hoped to play a leading role in the summit as chair of the G8.

"Only Japan has experience in overcoming a financial crisis. We have precious experience," Kawamura said, referring to the collapse of Japan's financial system in the late 1990s triggered by massive bad debts.

"It is natural for Japan as the chair of the G8 to play a leading role in jointly tackling the crisis," he said. "We can offer good suggestions and share Japan's experience with other countries."

The G8 groups Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

Japan invited leaders of 15 other nations for the last G8 summit held in July in the northern resort town of Toyako. The expanded G8 meetings included talks on African development and global warming.

But Japan, the only Asian nation in the G8, has opposed calls to permanently expand the elite club.