G20 Mexico

Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT).

The G20 leading economies have sidelined development and food security at their summit in Los Cabos.

Oxfam spokesperson Carlos Zarco said:

A Eurozone breakup could cost the world’s poorest countries $30 billion in lost trade and foreign investment, international agency Oxfam has warned ahead of the G20 leaders meeting in Mexico to discuss the state of the global economy.

Inequality has increased in 14 of the 18 G20 countries since 1990 as economic growth has too often failed to benefit poor people.