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| G20 will seek ways out of crisis | G20 will seek ways out of crisis |
| (about 2 hours later) | |
| Leaders of the G20 developed and emerging economies will begin talks over the weekend in Washington amid widening global economic problems. | Leaders of the G20 developed and emerging economies will begin talks over the weekend in Washington amid widening global economic problems. |
| The group, representing 85% of the world's economy and two-thirds of its population, is to discuss how to contain the financial crisis. | The group, representing 85% of the world's economy and two-thirds of its population, is to discuss how to contain the financial crisis. |
| It is expected to agree on longer-term reforms to reduce the risk of a repeat. | It is expected to agree on longer-term reforms to reduce the risk of a repeat. |
| Recent figures have shown many leading economies are either heading towards recession or were in it already. | Recent figures have shown many leading economies are either heading towards recession or were in it already. |
| It would be a terrible mistake to allow a few months of crisis to undermine 60 years of success President Bush Q&A: G20 summit class="" href="/1/hi/business/7727880.stm">Analysis: Summit hopes class="" href="/1/hi/business/7725157.stm">What was Bretton Woods? Ahead of the summit, Gordon Brown called for worldwide tax cuts and spending increases to prevent the global economy from slipping into recession. | |
| "We need to agree on the importance of co-ordination of monetary and fiscal policy," he said. | "We need to agree on the importance of co-ordination of monetary and fiscal policy," he said. |
| "There is a need for urgency. By acting now, we can stimulate growth in all our economies. The cost of inaction will be far greater than the cost of any action." | "There is a need for urgency. By acting now, we can stimulate growth in all our economies. The cost of inaction will be far greater than the cost of any action." |
| 'Prosperity and hope' | 'Prosperity and hope' |
| US President George W Bush insisted the financial crisis was not a failure of free-market capitalism. | US President George W Bush insisted the financial crisis was not a failure of free-market capitalism. |
| Speaking in New York, he said the surest way back to sustained economic growth was not to reinvent the system, but to reform it. | Speaking in New York, he said the surest way back to sustained economic growth was not to reinvent the system, but to reform it. |
| "The answer [...] is to fix the problems we face, make the reforms we need, and move forward with the free-market principles that have delivered prosperity and hope to people all across the globe," he said. | "The answer [...] is to fix the problems we face, make the reforms we need, and move forward with the free-market principles that have delivered prosperity and hope to people all across the globe," he said. |
| Bush defends free-market system | Bush defends free-market system |
| Critics say Mr Bush's words are unlikely to convince those who see the crumbling US economy as an indictment of his own policies. | Critics say Mr Bush's words are unlikely to convince those who see the crumbling US economy as an indictment of his own policies. |
| Meanwhile, Russian President Dmitry Medvedev has said his country and the EU could "speak with one voice" at the G20 summit hosted by President Bush. | Meanwhile, Russian President Dmitry Medvedev has said his country and the EU could "speak with one voice" at the G20 summit hosted by President Bush. |
| "Russia is ready, together with the EU and other partners, to participate in working out the parameters of a new financial architecture," he said. | "Russia is ready, together with the EU and other partners, to participate in working out the parameters of a new financial architecture," he said. |
| 'Human crisis' | 'Human crisis' |
| The G20 meeting will bring together both leading industrial powers such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil. | The G20 meeting will bring together both leading industrial powers such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil. |
| The heads of the World Bank, the IMF, the UN secretary-general and the chairman of the Financial Stability Forum have also been invited to attend. | The heads of the World Bank, the IMF, the UN secretary-general and the chairman of the Financial Stability Forum have also been invited to attend. |
| If hundreds of millions of people lose their livelihoods and their hopes for the future are dashed because of a crisis they have absolutely no responsibility for, the human crisis will not remain just economic Ban Ki-moonUN Secretary-General The leaders are scheduled to dine at the White House on Friday evening and hold two plenary sessions on Saturday, followed by a statement by President Bush. | If hundreds of millions of people lose their livelihoods and their hopes for the future are dashed because of a crisis they have absolutely no responsibility for, the human crisis will not remain just economic Ban Ki-moonUN Secretary-General The leaders are scheduled to dine at the White House on Friday evening and hold two plenary sessions on Saturday, followed by a statement by President Bush. |
| They hope to agree on a common set of principles for future reform, including changes to the organisations charged with regulating the world economy. Later summits will focus on working out the details of the reforms needed. | They hope to agree on a common set of principles for future reform, including changes to the organisations charged with regulating the world economy. Later summits will focus on working out the details of the reforms needed. |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| In an open letter to the G20 published on Thursday, UN Secretary-General Ban Ki-moon urged them to prevent the economic slowdown causing a "human tragedy" among the poor, particularly in developing countries. | In an open letter to the G20 published on Thursday, UN Secretary-General Ban Ki-moon urged them to prevent the economic slowdown causing a "human tragedy" among the poor, particularly in developing countries. |
| "If hundreds of millions of people lose their livelihoods and their hopes for the future are dashed because of a crisis they have absolutely no responsibility for, the human crisis will not remain just economic," he warned. | "If hundreds of millions of people lose their livelihoods and their hopes for the future are dashed because of a crisis they have absolutely no responsibility for, the human crisis will not remain just economic," he warned. |
| Japan's prime minister said it would lend up to $100bn to the IMFMr Ban said that even though more than 170 countries would not be present in Washington, he stressed "they also face grave difficulties" and that immediate action was more vital for them than reform of global financial institutions. | Japan's prime minister said it would lend up to $100bn to the IMFMr Ban said that even though more than 170 countries would not be present in Washington, he stressed "they also face grave difficulties" and that immediate action was more vital for them than reform of global financial institutions. |
| Japan has announced it is prepared to lend up to $100bn to the IMF to help emerging economies hit by the financial crisis. | Japan has announced it is prepared to lend up to $100bn to the IMF to help emerging economies hit by the financial crisis. |
| The loan offer is a part of a package of measures that the Japanese Prime Minister, Taro Aso, intends to present at the G20 summit. | The loan offer is a part of a package of measures that the Japanese Prime Minister, Taro Aso, intends to present at the G20 summit. |
| The IMF has already provided more than $30bn of emergency loans to Iceland, Hungary and Ukraine. | The IMF has already provided more than $30bn of emergency loans to Iceland, Hungary and Ukraine. |