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Saturday, April 4, 2009

G20 leaders pledges a huge raft of new spending

World leaders pledged a huge raft of new spending Thursday and a crackdown on tax havens and excess corporate pay to step up the battle against the economic crisis.

The Group of 20 (G20) summit said more than one trillion dollars would go to the International Monetary Fund (IMF) and other finance and trade institutions helping struggling countries through the turmoil.

British Prime Minister Gordon Brown said that by the end of 2010 the Group of 20 developed and developing nations would have spent five trillion dollars fighting the crisis and hailed what he called the start of a 'new world order'.

US President Barack Obama also called the London summit accord a hoped for 'turning point' but acknowledged there was no guarantee that the recession would not become depression.

Outside the summit, there was no repeat of Wednesday's violent clashes by protesters angry at the economic crisis, but police made 32 arrests and four people were charged over an attack on a bank during the riots.

The Financial Express



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