financial summit
On Friday, the two men shook hands in a photo-op at the White House, where Bush, the summit's host, had organised a dinner with the heads of state
15.11.08 - 10:25 -
World leaders listen to Bush's speech at a dinner held on Friday. / AGENCIES
Spanish Prime Minister José Luis Rodríguez Zapatero visited the White House for the first time on Friday, just two months before George W. Bush hands over the presidency to Barack Obama.
The invitation to the Washington summit provides what will likely be the last chance for a face-to-face meeting between the left-leaning Zapatero, first elected in 2004, and the conservative Bush.
Relations between the two leaders have been frosty since Zapatero ordered his country's troops out of Iraq upon taking office in April of that year, fulfilling a campaign promise to end a military expedition that was always deeply unpopular in Spain.
On Friday, the two men shook hands in a photo-op at the White House, where Bush, the summit's host, had organised a dinner with the heads of state.
Spain had demanded it be included in the summit on the basis of its status as the world's eighth-biggest economy, and Zapatero was eventually invited thanks to the support of French President Nicolas Sarkozy, who currently holds the rotating presidency of the European Union.
Washington wanted to limit the conclave to the G-20, which includes the seven leading industrial powers plus Russia, as well as developing countries such as China, India, Argentina, Mexico and Brazil.
Once Sarkozy devised a formula to include Spain, the Netherlands won a spot within France's delegation, and the Czech Republic - which will assume the EU presidency next year - was given room in the Spanish contingent.
For Friday night's dinner, the heads of protocol at the White House seated Zapatero between German Chancellor Angela Merkel and Dutch Prime Minister Jan-Peter Balkenende.
This first gathering of the G-20 leaders lasted just an hour and the in-depth analysis of proposals for reform and greater oversight of the global financial system will take place at a parallel dinner of the respective economy and finance ministers at the U.S. Treasury Department.
Spain's economy minister, Pedro Solbes, is expected to tout a Spanish proposal to increase market transparency and oversight and reform the International Monetary Fund. He also will use the occasion to urge wider adoption of the regulatory model created by the Spanish central bank.
One of the features of Madrid's proposal is the system under which Banco de España requires Spanish banks to set aside a portion of profits as provisions against loan defaults and delinquency.
Spanish officials say the regime also deterred their country's banks from acquiring the kind of opaque and overly complex financial assets that spurred the current global crisis. Europe hopes to secure stricter market rules while the US and other countries prefer moderate reforms.
Bush and Zapatero last saw each other in April at a NATO summit in Romania.
The U.S. president had called Zapatero days earlier to congratulate him on his re-election and the Spaniard said at the time that the two agreed to "chat" in Bucharest.
But Bush merely offered a brief greeting - "hi, hi, congratulations" - and the Spanish premier left the Romanian capital without the anticipated meeting having taken place.
Despite the lack of contacts at the highest level, Zapatero has always insisted that Spain's relations with the United States are good and highlighted the countries' joint efforts in the political, economic and cultural spheres.
Even so, his satisfaction over Obama's victory on November 4th was evident and, in his first remarks after the election, Zapatero said he was convinced that it would usher in a period of more fluid and positive bilateral relations.
Obama, set to be inaugurated January 20th, is not taking part in the finance summit and has declined requests to meet with world leaders during the gathering.
