HIGHLIGHTS-Comments by policymakers at Cannes G20

HIGHLIGHTS-Comments by policymakers at Cannes G20 RTR, 11/04 10:18AM

CANNES, France, Nov 4 (Reuters) — Following are comments on Friday by policymakers attending the Group of 20 Summit in Cannes, France, and other euro zone officials, as Europe… considered the possibility of Greece leaving the euro.


«We have decided to use all the means at our disposal to support growth. The situation is much more complex than in 2009. There is no single response. Washington and London were about all out measures to support growth. Toronto was about reducing (debt) by any means and Cannes is about differentiating situations according to the country.
» We consider it morally indispensable that people of the world know that financial players who have led the world into the troubles that we know will have to contribute financially to the damage which has been done."
«We never wanted to change governments, either in GReece or in Italy. That is not our role, that is not our idea of democracy, but it's clear that there are rules in europe and if you exonerate yourself from these rules you exclude yourself from Europe.»
ON ITALY: «Italy has a council president whose name is Silvio Berlusconi, who put forward a plan. This is a reality that has come before us by democratic means. And Silvio Berlusconi, who is aware of market doubts over the implementation of the plan, has asked the commission and the IMF for monitoring.»
«Why would you want us to set the conditions for bringing in one government or another in a given country? That would be madness.»


«Every day that the euro zone crisis continues is a day that has a chilling effect on the rest of the world economy.
»Britain will not contribute to the euro zone bailout fund and we are clear that the IMF will not contribute to the euro bailout fund either.
«Global action cannot be a substitute for concerted action by the euro zone to stand behind their currency.
»The very worst thing would be to try and cook up a number without being very specific about who was contributing what.
«The job of the IMF is to help countries in distress, not to support currency unions.
»The world can't wait for the euro zone to through endless questions and changes about this."
«You can't ask the IMF, nor should you, nor ever would I, ask the IMF to put its money into a euro zone bail out fund — that wouldn't be right.
»Britain will not invest in a euro zone bailout fund. Britain will not invest in the IMF, so the IMF can invest in a euro zone bailout fund. That is not going to happen.
«If you go back to our last increase in IMF resources, there was a parliamentary vote. That vote allowed for some extra headroom and what we'd anticipate doing would be within that headroom.»
The G20 statement will «see some pretty strong language, stronger than we had before… recognizing China's determination to move more quickly to a more flexible exchange rate system.»
«Growth looks more resilient than many of us thought it would be. However, growth in the United States and growth around the world is too slow.»


«I don't think anyone should underestimate that a Greek exit from the euro would be pretty traumatic with all sorts of consequences and indeed some of those consequences frankly are unpredictable at this point.
»So I don't think anyone should think of that as the easy option. The better option at the moment is for Greece to implement what it agreed to implement most recently in the deal struck by European leaders last week. Now obviously the situation in Greece and Greek politics is very, very fluid — to
put it mildly — and we will see what comes out of Athens today and we will see how Greece handles its responsibilities over the next few weeks.
«What we can do as people who aren't in the euro but obviously have a huge national interest in a more stable euro is help them face up to those responsibilities and at the same time shoulder our responsibilities as part of the international community to have a more stable international environment.»
On the IMF: «Alongside our other international partners — like the Americans, like the Japanese and Chinese and others --we have to make sure the international institutions of the world, like the IMF which helps countries across the globe, are ready to withstand global shocks.»
«It potentially means an increase in resources for the IMF, not just from Britain but from many, many other countries.»
«We don't have specific figures here because they are part of a negotiation.»


«We (euro zone leaders) wanted more lending capacity, more resources, available for the International Monetary Fund.»
«And… we have ...different options and I mentioned them in my introduction. We asked at the G20 level that the ministers of finance of the G20 work on the establishment of those three options.»
«One of the options is to set up, you can call it some kind of trust fund, enhancing the resources of the IMF. So this is not only meant for the euro zone, it is meant for the global community.»


On Thursday: «At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability.
»We should speed up the adjustment of our respective economic structures and endeavour to achieve fairly balanced growth of the global economy. To keep asking emerging markets to revalue their currencies and reduce exports will not lead to balanced growth. On the contrary, it would only plunge the global economy into a 'balanced recession' and make sustainable growth impossible.
«We should advance the reform of the international monetary system in a steady manner, expand the use of the SDR of the IMF, reform the SDR currency basket, and build an international reserve currency system with stable value, rule-based issuance and manageable supply.»

(Reporting by Laura MacInnis, Alister Bull, Tetsushi Kajimoto, Gui Qing Koh, Luke Baker, Daniel Flynn, Alexei Anishchuk and Catherine Bremer; Editing by Nick Vinocur)

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