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    Turkish minister says G20 created greater sense of urgency to act

    HotNewsTurkey with wires
    12.10.2008 - 12:47 | Son Güncelleme:

    The Group of 20 developed and developing nations' meeting will impart a "greater sense of urgency" to efforts to solve the global financial crisis, Turkish Economy Minister Mehmet Simsek said on Saturday after the meeting. (UPDATED)

    Leading emerging nations met Saturday in Washington for vital Group of 20 (G20) talks on the sidelines of the annual meeting of the 185-member International Monetary Fund (IMF).

     

    The G20 grouping of countries which collectively account for 85 percent of the global economy said they had agreed to use "all financial and economic tools" to stabilize the system.

     

    "I think there's a greater sense of urgency of action. The time for words is way behind us," Simsek told Dow Jones Newswires following the meeting.

     

    Simsek said President George W. Bush's attendance at the meeting added weight.

     

    "The fact that President Bush attended the meeting I think...added more significance. It raised hope that now all the plans that have been put together will be implemented more decisively," he said.

     

    He said the actions by the U.K. and the still developing U.S. plans to combat the crisis are "very critical to restoring confidence."

     

    Simsek said the presence of the non-G7 nations was very valuable, creating a "greater dialogue between the G7 and a broader range of markets."

     

    However he said there was no discussion of having sovereign wealth funds invest in Western banks in order to boost their capital levels. "Even though that sounds very nice, there's been no discussions of that," he said.

     

    TURKISH METHOD FOR SOLUTION
    Simsek also offered the Turkish Central Bank's recent action, re-activating the forex depot market, as a solution to financial crisis, Anatolian Agency reported citing anonymous sources.

     

    Central bank reactivated its foreign exchange depot market, which was closed in 2002, for banks to borrow from each other through the central bank on Thursday. Bank's decision aims to maintain confidence in the system and sustain foreign currency liquidity in the mark.

     

     

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