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G20 London Summit > Commentary
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Global trade prospects dim, hopes pinned for G20 summit(Xinhua)
Updated: 2009-03-26 11:11 At the core of the financing package will be 75 billion to 100 billion dollars in capital from the financial bailout package, which was known as the TARP, or the Troubled Assets Relief Program, along with the share provided by private investors. The program will generate 500 billion dollars in purchasing power to buy legacy assets with the potential to expand to 1 trillion dollars over time, said the Treasury in a statement. U.S. stocks staged the strongest rally this year on Monday as the market was boosted by the plan. S&P 500 indexes jumped more than 7 percent, while Dow surged nearly 500 points. On the upcoming G20 summit, British Prime Minister Gordon Brown said that the main purpose of the summit is to bring world leaders together to coordinate policies in deal with the current global economic crisis. In meeting with a group of journalists from G20 countries at 10 Downing Street, the prime minister said "first of all, we've got to deal with the reconstruction of our banking and financial system. And I believe that we will sure that the world can come together to agree common rules for the future. "Second, we've got to ensure that the global economy can grow over the next period of time, and obviously we want a return to high level of trade, so we want to do something. "Thirdly, we would want to help the poorest countries and help emerging market countries that they've got their own problems. We will be concerned about the rise of the poverty and the number of countries, and what we can do about that. "And fourth, we want to restructure our international institutions for the future. So, institutions like the International Monetary Fund (IMF) and World Bank that were built for the 1940s, we've got to adapt them to the new need of 2009," including some changes in IMF quotas for developing countries. Answering the question on anti-protectionism, Brown said "protectionism can become the word to ruin." "So, I think, what we'll be anxious to do at the G20 is to ensure that we have a proper monitoring mechanism so that we can deal with problems whether there is protectionism when they arrive, but I think also we want to ensure that we can expend trade around the world," he added. |
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