(From Washington, United States) – Joe Biden will arrive this afternoon Italy G7 with the premise of agreeing an extraordinary credit of 50,000 million dollars destined to rebuild Ukraine, after two years of asymmetric war with Russia. Biden does not have full support of its European partners, who exhibit certain legal objections to an initiative that could become a political trap, if it finally donald trump wins in the United States elections.
The G7 brings together the most developed democracies in the world (Germany, Canada, USA, France, Italy, Japan and United Kingdom), and on this occasion he will deliberate in the Italian city of Apulia. The premiere Georgia Meloni invited the Pope Franciscoto the presidents Javier Milei (Argentina) and Lula da Silva (Brazil), and the Ukrainian leader Volodymyr Zelensky.
The G7 summit starts tomorrow and will last until Saturday. Your work schedule includes extraordinary aid to Ukraine, the conflict in the Middle East, the trade war between the West and China, and the impact of Artificial Intelligence.
It is a global event that exhibits an end of era tone. It may happen that in the next edition – scheduled in Canada – protagonists such as Biden, Emmanuel Macron (France) and Rishi Sunak -British Prime Minister- are no longer part of the game. They face complex elections this year, and they are not assured of victory.
When Vladimir Putin invaded Ukraine, the European Union (EU) frozen 300 billion dollars from Russia that were deposited in Belgium (Euroclear) and other financial institutions on the continent. Biden wants to leverage his extraordinary credit proposal on these funds and their respective interests ($3 billion a year), which would be granted to the Zelensky government through the World Bank.
Macron (France), Olaf Scholz (chancellor of Germany), Sunak and Meloni They support Ukraine’s war effort, but doubt the legal and financial viability of the credit proposed by Biden. The White House did not provide details regarding two key issues: how to pay the loan If the war in Ukraine ends early, and what happens if interest rates fall and the assets are not enough to pay off the debt taken.
Behind these market questions lies a fear that will run through the G7 summit. and that fear It is the possibility of an electoral victory for Trump, who rejects the importance of multilateral diplomacy and has already announced that he has no political interest in financing the existence of the North Atlantic Organization (NATO) from the United States.
NATO is a key piece in Ukraine’s resistance to the Russian offensive, and in the G7 it is already known that Trump does not share the agenda who leads this global forum against Putin and his imperial dreams. In this context, the G7 in Italy can be a turning point regarding to the future of the international board.
In addition to the situation in Ukraine, The G7 will discuss the war that Israel is waging against Hamas in Gaza. All members of the G7 support the ceasefire proposal presented by Biden, and await with interest the arrival of Secretary of State, Antony Blinken, who has been traveling the Middle East for two days to reach an agreement between the State of Israel and the organization. terrorist organization financed by Iran.
It is very likely that Biden will meet with the Pope Francisco, who has been invited by Meloni to present on Artificial Intelligence. They are personal friends, and they haven’t met in person for years. Francisco has frequent dialogue with the President of the United States and was your personal support when Beau Biden died of cancer in 2015.
