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The G20 party is certainly over!

Despite world leaders shaking hands and agreeing upon a number of vital proposals at the recent G20 meeting, this weekend has seen the emergence of significant internal disagreements. While around $300 billion of the $500 billion pledged by world leaders for the International Monetary Fund (IMF) has been agreed there is still a shortfall of some $200 billion.

At a time when Europe, the Far East and America need to be working in tandem to overcome the ongoing economic downturn there has been a significant fallout between Europe and America. The American authorities believe that control of the IMF should be taken from the grasp of European leaders and spread more evenly around the world. They also believe that Far Eastern countries such as China should be able to participate more heavily in the IMF as they wait on the sidelines with significant funding available.

However, European leaders are adamant that the IMF should remain the brainchild of Europe and appear unwilling to give up overall control. There is also concern about internal disagreements regarding the pace at which agreed fiscal stimulus programs should be introduced and the level of funding for individual G20 members. The party is certainly over and the fighting has begun!

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