G20 draft communique leaked ahead of summit

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Source: CCTV.com | 03-30-2009 13:49

As G-20 leaders prepare to meet in London, the Financial Times' website has published a draft communique of the summit.

The draft says leaders hope to lift the world economy out of recession by the end of 2010. But some analysts remain cautious about the outlook, and are particularly worried about the situation in eastern Europe.

Hosting the G20 summit in London next week is costing the country around 19 million pounds, a junior foreign minister said Friday.(AFP/File/Gabriel Bouys)

The 24-point draft communique sets out actions to be taken on hedge funds, bankers' pay, tax havens, currency valuation and bank capital reserves.

It calls for support for banks, higher spending and more money for the International Monetary Fund. But it appears to contain no specific numbers on further government stimulus measures to boost demand.

Britain has already said that the G20 summit is never about writing national budgets. Instead, it's about international financial structure. The British finance minister says the meeting stresses a commitment for countries to act together.

But some economists are not so optimistic. They warn that a failure to tackle the spreading financial woes in eastern Europe could deepen the crisis for the whole continent.