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Germany wants poor Russia to join richest 7 |
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July 24, 2000
NAGO, Okinawa (AP) - Russia should be completely integrated into the Group of Seven top industrialized countries, German Chancellor Gerhard Schroeder said Sunday. Russia is part of political discussions as part of the Group of Eight, but does not participate in the G-7 summit on financial issues because of the relatively small size of its economy. Schroeder, whose government has agreed to restructure dlrs 4 billion owed to it by Russia, said the inclusion of Moscow as a full member would be "one of the most important results of the summit." "This is also attributed to the confident, but not overdrawn, appearance of the Russian president," Schroeder said of Russian leader Vladimir Putin. Schroeder also praised the summiteers, who wrapped up their meeting on Sunday, for committing to reducing the debt of the world's most indebted nations. The German leader said it made no sense for wealthy nations to demand the world's poor pay off their loans. "It would be better to put the money in health and education systems in these countries," he told reporters. Putin and Schroeder held talks on Saturday, and discussed Putin's efforts against a proposed U.S. missile defense shield. Schroeder has said he is skeptical about the plan as well, and French President Jacques Chirac said it would trigger an arms race. Before arriving at the summit, Putin met with both Chinese and North Korean leaders to voice opposition to the program, which is aimed at protecting the United States from attack from countries including North Korea. Schroeder, however, said that although many in Europe shared Putin's concerns, Germany and Russia were not forming an alliance to combat the American proposal. Schroeder also confirmed comments by officials traveling in his delegation that Germany would extend Russia's debt to 2016. Russia was due to have repaid in 1999 and 2000. Russia owes dlrs 42 billion in Soviet-era loans to a number of Western governments, about half of which is to Germany. On Friday, the opening day of the summit, top French, British and the U.S. officials said Russia should get its loans rescheduled if it can implement the necessary structural reforms mandated by the International Monetary Fund. A meeting of the Paris Club of official creditors is expected to be formed later in the year to decide how much more of the total debt should be rescheduled. Schroeder, however, has made it clear that Russia shouldn't expect to have any of its loans written off by Germany and the other creditors. |