Global economic power is about to shift - journalist

The Greek economic tragedy was a dominating topic at the G20 finance chiefs’ meeting in Washington. The big concern is whether the EU and the IMF can pull together a strong-enough bailout package to calm jittery markets.

However, the finance ministers believe the global economy is in far better shape than a year ago and the recovery is happening faster than expected.

The issue of re-balancing global growth was also high on the agenda at the meeting in Washington.

The world's emerging economic powers should play a tougher role in reforming the existing financial structure, says Brazilian journalist Pepe Escobar.

“We have Luxemburg, the Netherlands and Belgium that have more voting power than Brazil, China and India. This is completely absurd. So the BRICs have to start their pressure from the inside and that is – try to alter and ameliorate at least the Bretton Woods institutions and start to actually act as new emerging economic powers in the world.”