Obama Speaks after G20 Summit

  • Thu Apr 2nd 2009

Concluding his first international summit, President Barack Obama on Thursday hailed agreements at the emergency meeting of world powers as a "turning point in our pursuit of global economic recovery".  He spoke shortly after G-20 leaders pledged an additional 1.1 trillion US dollars in financing to the International Monetary Fund and other global institutions.

Barack Obama, US President said:
"Good afternoon, or good evening. We're running a little bit late. Earlier today, we finished a very productive summit that will be, I believe, a turning point in our pursuit of global economic recovery. By any measure, the London summit was historic. It was historic because of the size and the scope of the challenges that we face and because of the timeliness and magnitude of our response. The challenge is clear: The global economy is contracting. Trade is shrinking. Unemployment is rising. The international finance system is nearly frozen. Even these facts can't fully capture the crisis that we're confronting, because behind them is the pain and uncertainty that so many people are facing."

Barack Obama, US President said:
"We made enormous strides in committing ourselves to comprehensive reform of a failed regulatory system. And together, I believe that we must put an end to the bubble-and-bust economy that has stood in the way of sustained growth and enabled abusive risk taking that endangers our prosperity."

Ebru News/Agency

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