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G20 Talks Focus On Global Markets, Tax Loopholes


Russia currently holds the annual presidency of the G20 group of leading and emerging economies. (file photo)
Finance ministers and central bankers from the Group of 20 (G20) countries are discussing the prospect of more market turbulence as three powerful countries -- the United States, China, and Japan -- move toward economic recovery.

G20 ministers, representing the world's leading economies, met in Moscow on July 19 at the start of a two-day meeting.

They were expected to call for greater clarity in the way financial authorities signal their policy decisions, which impacts global stock and bond markets.

The G20 is also backing policy changes aimed at closing loopholes used by multinational firms to avoid taxes.

The G20, a forum that took the lead in dealing with the 2008-09 financial crisis, now faces the challenge of dealing with a multispeed global economy.

The Moscow meeting is also part of preparations for a G20 summit in September in Moscow.

Russia is the current holder of the annual presidency of the G20.

The meeting comes a day after a Russian court sentenced a top opposition leader, Aleksei Navalny, to five years in jail, a ruling that has been widely criticized in the West and elsewhere.

Based on reporting by Reuters, AP, and AFP