Never let a global crisis get in the way of a good game of footie, say leaders of the free market economies. The last two days must be straining the credulity of every risk manager at every company that does business in Europe. While that continent prepares to put yet another month of strain on global markets, we've been celebrating the well orchestrated annunciation of new billionaires in America, a country with its own parlous debt problems. But in the world where dreams came to a halt four years ago, except on the soccer pitch, the G8's inability to muster up anything new on Greece and the Euro sends a signal of glaring impotence:
"The global economic recovery shows signs of promise, but significant headwinds persist," the G8 leaders said, underlining an imperative "to promote growth and jobs," and affirming their interest in Greece remaining in the euro zone while "respecting its commitments."
That's how the Chinese saw it. Watching from afar the official Chinese news agency, Xinhau, summarised the event as: "a low-key summit, which, however, produced few tangible results beyond a vague statement touching on the issue of Iran." And in a separate article showed the G8 leaders watching the European champions league final (see below).
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