In the wake of the collapse of Lehman Brothers in 2008 the G20 called an emergency meeting in Washington in a bid to contain the fallout from the mounting financial crisis. In the decade since each nation represented has had diverging fortunes. Of the world leaders who attended the summit, only two are still in position today – Angela Merkel and Recep Tayyip Erdoğan. One is in prison and four others have become embroiled in corruption charges. Here we look at the global ramifications of the crash for those present and the countries or organisations they represented. Gabriel Sterne, head of global macro research at the consultancy Oxford Economics, said: “It’s the divergence across economies that is so striking. GDP did not even shrink in several Asian economies [compared to Europe]. Spain only surpassed the pre-crisis peak last year, Italy has not done so yet, and as for Greece … don’t even mention Greece!” Silvio Berlusconi (Italy)The eurozone’s third largest nation is the only nation at the G20 where the economy remains smaller than before the financial crisis. It has had a decade of sluggish recovery marred by continuing concerns about the stability of its banks and political unrest. Berlusconi… Read full this story
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