Thursday, April 02, 2009

Here is what the G-20 agreed upon

Well, they are done. The G-20 meeting is over. Perhaps the run-up and the protest were more exciting that the meeting itself. But the leaders did make a pledge, it may help struggling economies if they act upon it.

From this Associated Press article that we found at the Daily Herald, reporter Jane Wardell tells us what came from the meetings.

World leaders pledged $1.1 trillion in loans and guarantees to struggling countries and agreed Thursday to crack down on tax havens and hedge funds -- but failed to reach sweeping accord on more stimulus spending to attack the global economic decline.

The biggest headline figure was the new money for the International Monetary Fund, which helps out governments that run into financial trouble from the crisis, and other development organizations to send credit to countries that have seen it dry up.

French President Nicolas Sarkozy, who earlier had threatened earlier to walk out if unsatisfied with the outcome, also praised Obama for helping to create consensus and persuade China to agree to publish lists of tax havens.

"There were moments of tension," Sarkozy said. "Never would we have thought to get as big an agreement."

German Chancellor Angela Merkel called the measures "a very, very good, almost historic compromise" that will give the world "a clear financial markets architecture."

The G-20 leaders also said that developing nations -- hard-hit and long complaining of marginalization -- would get a greater say in world economic affairs. They said they would renounce protectionism and pledged $250 billion in trade finance over the next two years -- a key measure to help struggling developing countries.

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