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Is Gordon Brown's G20 $1.1 trillion package falling apart?

The impact of these $1.1 trillion rescue package funded by members of the G20 has today been reduced somewhat with confirmation that the Russian government is not willing to contribute to the rescue package. The Russian authorities believe that a $10 billion rescue fund which they have made available to neighbouring countries is an ample gesture to the restoration and recovery of the worldwide economy.

It is also worthwhile remembering that the Russian economy has suffered significant damage over the last few months and the currency has been under serious pressure for some time. Whether we are seeing a return to former Soviet style economic policies or the country simply cannot afford to contribute to the G20 package remains to be seen. However, it is something of a blow when you consider that Russia is considered one of the main members of the G20 association.

Now that the Russian authorities have stepped forward to confirm they are unable, or unwilling, to contribute to the $1.1 trillion rescue plan we could see other cash strapped governments take a similar decision. If many more were to join the Russian government and refuse to contribute, this could seriously undermine the impact of the rescue package and impact upon G20 economies.

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