Obama on G20 Summit Laying Foundations

STORY: World leaders agreed on a 1.1 trillion U.S. dollar deal yesterday to combat the worst economic crisis since the Great Depression. U.S. President, Barack Obama called the G20 summit a turning point for the world economy. The leaders agreed to publish a blacklist of tax havens that could lead to sanctions -- something France and Germany had pushed hard for -- and to impose oversight on large hedge funds and credit rating agencies for the first time. Much of the financial help offered is likely to go to poorer countries. [Barack Obama, U.S. President]: "I have to say though that this is not just charity. These are all future markets for all countries and future drivers of world economic growth." Obama pointed out challenges leaders were faced with at the summit. [Barack Obama, U.S. President]: "You know it's hard for 20 heads of state to bridge their differences. We have all got our own national policies; we all have our own assumptions, our own political cultures; but our citizens are all hurting, they all need us to come together. So I am pleased that the G20 has agreed to meet again this Fall, because I believe that this is just the beginning…" The U.S. president said globalization was good, but needed to be better monitored and regulated. [Barack Obama, U.S. President]: "The crisis, a crisis like this reminds us that we just have to put in some common sense rules of the road without throwing out the enormous benefits that globalization has brought in terms of improving living standards, reducing the cost of goods and bringing the world closer together."

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