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		Home Page Mortgage News You Can Use Issues likely to come up at Florida G7 Wednesday February 4, 6:36 pm ET WASHINGTON, Feb 4 (Reuters) - The world's leading finance ministers gather on Friday and Saturday in Boca Raton, Florida, to consider the state of the global economy. The United States is this year's G7 host country under an annual rotation that also includes Germany, Japan, Britain, France, Canada and Italy. U.S. Treasury Secretary John Snow will hold bilateral meetings on Friday with all his G7 counterparts before a dinner that evening and formal sessions will begin on Saturday. The gathering concludes late Saturday afternoon with a communique and closing press conferences. Following is an outline of issues that may come up in the course of the first of four scheduled meetings between the G7 finance chiefs this year: CURRENCIES Europe and Japan worry a slide in the value of the dollar against their currencies hurts recovery prospects in their regions by making their exports more costly in U.S. markets. Since G7 finance ministers met in Dubai last September, the dollar has dropped about 9 percent against a basket of other currencies and hit a 3-1/2-year low against the yen this week. The G7 agreed in Dubai there should be "more flexibility" in exchange rates, reflecting a U.S. view that markets should be allowed to set rates. In pre-meeting comments, G7 officials have dampened any currency market speculation they would be working toward an accord on the dollar's fall, saying their focus was growth. Snow on Tuesday effectively ruled out any such move, repeating that markets, and not governments, should set rates. ECONOMIC CONDITIONS Global economic conditions have brightened perceptibly since G7 finance chiefs met in Dubai Sept. 19-20. The United States posted its fastest growth in nearly 20 years in the third quarter when GDP advanced at an 8.2 percent annual rate and grew at a solid 4 percent clip in the fourth quarter. U.S. officials say they want other G7 partners to similarly focus on pumping up growth rates -- through methods outlined in an "agenda for growth" set in Dubai. Those measures include structural reforms in labor markets on pensions and elsewhere and efforts to get trade imbalances -- mostly on the U.S. side -- back into balance. IRAQ: Iraqi finance minister Kamel al-Gilani and central bank head Sinan Shibibi are expected to attend a session of the meeting and make a presentation on the economy and how to rebuild it. They will then travel to Washington to meet with international lenders including the International Monetary Fund ( News - Websites ) to discuss a possible economic program. U.S. officials say the issue of cutting Iraqi debt will not be on the agenda in Florida although the G7 has pledged to work out a restructuring by the end of 2004. President George W. Bush's special envoy for Iraqi debt, James Baker, will not be in Florida. TERROR FINANCES The G7 ministers will discuss ongoing efforts since the Sept. 11, 2001 attacks to crack down on the ability of groups identified as sponsoring terror to use the global banking system to move money. U.S. officials will urge increasing the number of countries each year that have teams of outside experts check their financial system controls. About 33 countries were given such assessments last year and the United States would like to see the number rise to about 40 annually. AFGHANISTAN: Afghan finance minister Ashraf Ghani Ahmadzai and central bank governor Anwar-ul-Ha Ahady are also due at the meeting. They will attend a portion of the G7 talks to discuss their economy and rebuilding progress. Afghanistan is also likely to press the world's richest nations for more aid ahead of a planned meeting of donors in the spring. ARGENTINA: Argentina is also likely to figure in discussions at the meeting. The G7 countries are the largest shareholders in the International Monetary Fund, so G7 support is crucial to Argentina's IMF program. However, the G7 was unusually divided at a vote on the first review of Argentina's IMF program. Argentina successfully won a payout of $358 million with the backing of the United States, but some G7 members abstained. Italy, Britain and Japan were among eight abstentions at the 24-member board. The shareholders and the IMF are unhappy with the country's slow reform progress under its $13.3 billion loan program, particularly a lack of effort in debt restructuring talks with creditors and the treatment of foreign investors. The G7 must begin considering the second review of the loan program, due in March. Argentina is scheduled to repay more than $3 billion to the fund on March 9. If Buenos Aires does not come up with the cash, it will be in default with the IMF, which will automatically stop it receiving new loans from the World Bank ( News - Websites ) and Inter-American Development Bank. Argentina owes the fund more than $15 billion so if it stops repayments, this could create a bigger headache for the G7.   Back to Original Article: Mortgage News You Can Use   Continue with: Bond Prices End Down Slightly Workers' Productivity Slows at End of'03 Wall Street Waffles on New Economic Data European Central Bank Keeps Rates Steady Thursday's World Gold Prices U.S. Productivity Grows at 2.7 Percent Annual Rate, Down From 9.5 Percent More borrowers tap into home equity U.S. productivity cools, jobless claims rise U.S. Treasuries, Thursday, Feb 5 House Backs Extended Jobless Benefits Mortgage Activity Drops US TREASURY OUTLOOK - Waiting for payrolls U.S. Treasury's Snow repeats deficits manageable Funds probe spreads to Alliance Capital 401k plans are getting even more scrutiny Fed's Bernanke sees low inflation, slow job growth
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