G8 Italy Summit: Friday (VIDEO)(SLIDESHOW)

We'll be following the Group of 8 Summit in L'Aquila here with news, photos and video. Feel free to check back at regular intervals for updates.

****** Obama meets Pope... (10:24 A.M.):

Obama end-of-summit news conference (8:30 A.M.):
Obama concluded the G8 summit in L'Aquila with a news conference where he thanked his Italian hosts and reaffirmed his support of the people of L'Aquila, which was devastated by an earthquake in April of this year.

Obama enumerated what he considers the most significant achievements of the summit, beginning with the G8 leaders' "widespread consensus to restore economic growth" and stability in financial markets. He touted the United States' role in leading this effort with its stimulus package and "sweeping overhaul of the regulatory system."

The second item, which Obama seems to have especially dedicated himself to this week, was nuclear security. Obama issued an invitation to world leaders this week for a nuclear security summit to be held next March in Washington, DC. Earlier this week, Obama and Russian President Medvedev reached an agreement to draft a new disarmament treaty that will cap each country's deployed nuclear warheads at 1,500.

Obama also, while speaking on nuclear security, addressed the ongoing tension with Iran over its own nuclear program and its brutal crackdown of protesters following the June 12 presidential election.

Third, Obama addressed climate change, which was arguably the central most focus of the summit this week. G8 leaders committed to their first ever temperature goal--which aims to keep global temperature increases below 3.6 degrees Fahrenheit above pre-industrial levels. Obama also touted a general agreement among developed nations to reduce carbon emissions by 80 percent by 2050. However, his remarks elided the fact that this agreement is not supported by China and India, who are the sine qua non of any meaningful climate change effort.

The fourth and final achievement, which Obama has given a personal mantle, given his heritage, is food security; namely an agreement to deliver $20 billion in aid to developing nations over the next 3 years, with a focus on Africa.

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Following his remarks, Obama took questions from the press.

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When asked about health care reform

Protesters' last hurrah (8:02 A.M.):
G8 summit protesters have their last opportunity today to speak their minds, and as AP reports, they're showing up by the hundreds:

Hundreds of protesters are gathering in L'Aquila to march against the Group of Eight summit held in this quake-hit central Italian town.

Anti-globalization activists carrying red communist flags and wearing "No G-8" T-shirts were bused in from across Italy to set out from the L'Aquila suburb of Paganica.

Obama's first Pope meeting is today (8:00 A.M.):
Obama will meet Pope Benedict XVI for the first time today. The audience is highly anticipated, especially given the criticism Obama has received from a good number of American Catholic bishops. From the AP:

The White House says it expects "frank" but constructive talks in President Barack Obama's meeting Friday with Pope Benedict XVI -- two men who share similar views on helping the poor and pushing for Middle East peace but disagree on abortion and stem cell research.

...
Obama's election presented a challenge for the Vatican after eight years of common ground with President George W. Bush in opposing abortion, an issue that drew them together despite the Vatican's opposition to the war in Iraq.

But the Vatican has been openly interested in Obama's views and scheduled an unusual afternoon meeting to accommodate the American president at the end of his stay in Italy for a G-8 summit meeting in the earthquake-stricken city of L'Aquila and just before he leaves for Ghana.

Obama news conference soon, stay tuned (7:57 A.M.):
Obama will give a Friday news conference from the summit. I'll have the video here for you as soon as it's available.

Mubarak calls for debt freeze (7:53 A.M.):
While G8 leaders reached an accord of $20 billion in aid to developing countries, Egyptian President Hosni Mubarak, at a working meeting on Friday, also called for African debts to be frozen to aid the world's poorest countries during the global recession, AFP reports:

He said African borrowers should enjoy "preferential terms" and urged the West to reject protectionism in trade and to seek a way to cover the gaps that have appeared in foreign aid budgets during the global slowdown.

...
He called on them to "guarantee that the major industrialised countries' stimulus plans don't lead to protectionist policies and don't aggravate the imbalances in the international commercial system."

Aid update ( 7:38 A.M.):
G8 leaders have pledged to deliver $20 billion in aid over the next 3 years--$5 billion more than was originally reported--to assist poor farmers in developing countries, the Wall Street Journal reports:

Leaders from the Group of Eight leading economies Friday pledged $20 billion over three years to finance agriculture projects in developing countries and help fight hunger and food price volatility.

The U.S.-sponsored food security plan aims to provide poor farmers in developing countries with seeds, fertilizers and the infrastructure needed to boost food production as a long-term solution to combat hunger and spiking food prices.

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Policemen of the Guardia di Finanzia guard as US First Lady Michelle Obama and her daughters Sasha and Malia (not pictured) visit the Pantheon on July 9, 2009 in Rome. Michelle Obama and her daughters visited the day before the Roman Colosseum while US President Barack Obama is attending a G8 summit in L’Aquila.

Africa's day (7:21 A.M.):
The third and final day of the summit in L'Aquila will focus on African economies and food security, with a specific focus on the effects of the global recession. According to the summit's official website:

The impact of the economic crisis on the African continent and food security are the main items on the agenda for the final day of the L'Aquila G8 Summit. Africa and the impact that the global recession is making on the continent are at the centre of the working breakfast held from 8.30 to 10.00 am and attended by the leaders of Algeria, Angola, Egypt, Ethiopia, Libya, Nigeria, Senegal, South Africa and the African Union Commission in addition to the G8 Heads of State and Government. The IEA, World Bank, IMF, ILO, OECD, WTO and UN representatives are also attending the breakfast.

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Comments

[jberthy]

This was a very interesting summit to cover... Though I have to say I was expecting greater mitigation for climate change efforts. http://www.mindreign.com/en/mindshare/Environment/Developed-Nations-Need-to-Step-Up-to-the-Plate/sl36962306bp323cpp10pn1.html#comments has some interesting ideas on the subject.... Developed and developing nations need to work out an agreement.

[fredgladys]

It is very interesting to do some solid analysis on what has been promised and what has actually been delivered by different G8 representatives over the years. The talk and the photo opportunities are still there. Break through the blah, blah and the story is the same, not changing from year to year. What was true in 2005 remains true today. Hype, sleight of hand and fiddly accounting seems to be the goal. Most countries haven't come good with their promises. Italy it the most obvious of these but the US and the EU have played games as well.

"Though the G8 promised to double aid to Africa at the 2005 Gleneagles Summit, there is no plan on how to do so. For the first year after Gleneagles, the reported aid numbers were padded by misleading accounting on debt cancellation operations. With those debt cancellation operations largely completed, the data are now revealing the stark truth. Development aid to Africa, and to poor countries more generally, is stagnant."

[verycold]

For all the money thrown at poverty have we made even a dent? It is unthinkable to knowingly let people starve. However countries getting aid can do what they want with the money and they do. Second, many starving people are located in regions not able to support the population. If no aid came the population would be drastically reduced, or people would do what many did before aid and that is move to a region that could support them. The truth is aid is allowing people to barely eek out a life while relying on food from countries they don't even know. I strongly question our current policy.

[111]

Sorry - I don't buy the G8s bs.

G8 plans to repeat what was done to Haiti and other countries where people who used to be able to feed themselves are now starving.

[OdysseusNemesis]

Here is expected contributions from individual countries.

United States: $3.5 billion
Japan: $3 billion
European Union: $1 billion a year until 2011
France: $2 billion
UK: $1.8 billion
Canada: $520 million
Spain: $500 million
Italy: $450 million

Remember that this is over a [three year period], so for the USA, this is about $1.2 billion. There are [57] countries in Africa.

The truth of the matter is that only the US will probably honor her pledge in full. Others will just forget that they ever made such pledge.

Imagine Italy pledging $450 million (LOL). This is the same Silvio Berlusconi that is seeking help from the other world leaders to rebuild the L'Aquila quake-damaged sites and proper homes for the earth-quake victims – most of whom are still leaving in tents or holiday camps, as Berlusconi calls them. I don't think Silvio Berlusconi is likely to honor his pledge.

[MotherMiasia]

Look how Hitlarian they've become.. Israyell puts Gazans on a diet!

http://www.philipweiss.org/mondoweiss/2009/07/the-gaza-diet-and-the-congo-diet-and-the-zimbabwe-diet-.html

[davidwayneosedach]

The world leaders want $20 billion for food aid. And they'd like nothing better than to have the US foot the bill.

[Mahi Joe]

WORLD LEADERS WANT $20B FOR FOOD AID...

USA cannot afford to help feed the hungry. We need to use our tax dollars to feed the greedy p.igs at AIG so they can get their undeserved bonuses. AIG thinks our priorities when using our tax dollars should go to reward them because of brilliantly incompetent job they did to destroy their business. Why should some out of work person who is starving get food when some CEO bank dude needs a new $36.000 rug for his office. Ya know our business leaders in America have their priorities and that is THEMSELVES above any one else.

[frantaylor]

Ismael

[BannedNBoston]

Sorry we spent out treasure on Iraq Israel Egypt Afghanistan Pakistan and 200 BILLION PER YEAR ON 800 FOREIGN MILITARY BASES.

[tdh]

Not to be heartless, and I'm not, but those billions could/should go to shoring up social sec., medicaire, and into a national health plan first --- Oh. And it's baffling that AIG, Goldman Sachs, et al, get gazillions -- Why not print money for programs that actually help Americans, first?

[RightWingMarine]

because Obama thinks of himself as President of the world and we are all citizens of the world and our fellow citizens in Africa need help more than we do.

[Mahi Joe]

Our part to help feed the hungry would be miniscule in comparison to the amount we have to give corrupt greedy CEOs.

[RightWingMarine]

I cannot undertake to lay my finger upon that article of the Constitution that grants our Congress or President to spend the money of their constituents on objects of benevolence in this country. Put another way, I don't understand why money should be taken from me by threat of force and given to another American let alone a non-American. Why is feeding the world hungry our responsibility? If it somehow is our responsibility could we start on a logical plan? We are paying farmers not to farm and then giving away our money to buy food for other nations.

[jacobnyc]

Feed the poor in our country first before handing out goodies to the rest. I pay taxes so that homeless Americans are fed first. We keep on providing aid to struggling nations by borrowing more and more from the Chinese and their ilk. How getting to a budget surplus and no national debt before we provide aid to thieving aid organizations. If Obama continues this reckless spending spree with nothing to show for, but deficits, he'll be out of office in no time.

Time to fix the economy and stop the lies about 'shovel ready jobs'. All I've seen from Obama in the 150 days since he's taken office is ridiculous spending and the lack of will to make the tough decisions. From Wall St. to Main St. nothing has changed.

[Jayson F BA]

Obama's press conference today was excellent. It's great to hear an excellent speaker with such skill and intelligence. The way he addresses the issues in real terms is so refreshing.

[Mr Hand]

Delusional !

[Pigeon2]

lol

[fcsakes]

That money is a drop in the bucket. It should be more.