US: Obama hails summit as recovery 'turning point'
03 Apr 2009 5:06 AM
LONDON, April 2 AP - Concluding his first international summit, President Barack Obama hailed agreements at the emergency meeting of world powers on Thursday as a "turning point in our pursuit of global economic recovery."
The new US leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again."
He spoke shortly after G20 leaders pledged an additional $US1.1 trillion ($A1.5 trillion) in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds. The leaders announced the creation of a supervisory body to flag problems in the global financial system - but did not satisfy calls from the US and others for new stimulus measures.
Despite that failure, Obama called the one-day London gathering "very productive" and historic because of the scope of the challenges the world faces in righting the economic crisis that's wreaking havoc on virtually every country.
"The challenge is clear. The global economy is contracting," Obama said.
