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    G20 leaders to meet in U.S. capital on crisis

    HotNewsTurkey with wires
    22.10.2008 - 17:51 | Son Güncelleme:

    A summit on the global financial crisis will be held on November 15 in Washington and will gather leaders of the G20 countries, including Turkey, to draw up an action plan, the White House said on Wednesday. (UPDATED)

    This will be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges.

    "The president today is going to invite the leaders of a group of 20 countries ... to a summit in Washington DC," on November 15 "to discuss the financial markets and the global economy," White House spokeswoman Dana Perino told reporters.

    "The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes and in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world’s financial sectors," she was quoted by AFP as saying.

    G-20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. 

    At the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits. The White House will host a dinner on the eve of the summit. The location of the meeting, however, has not yet been announced.

    President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David presidential retreat last week, announced the series of summit, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe.

    Noting that the summit will be held after the election, it is too early to know whether the president-elect, be it John McCain or Barack Obama, who were notified about the meeting Wednesday, will attend. It is also unclear whether subsequent summits would be held while Bush is still in office.


     

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