Leaders set for G20 crisis talks

Other News Materials 15 November 2008 03:54 (UTC +04:00)

Campaigners want leaders to make the world economic system fairer, BBC reported.

World leaders have arrived in Washington to discuss measures to contain the recent financial turmoil.

They hope to agree on long-term reforms to reduce the risk of further crises.

But few expect a major breakthrough given the absence of President-elect Barack Obama whose involvement will be key to any far-reaching initiatives.

Divisions have also emerged between Europe, which wants stricter market rules, and the US and other countries, which prefer more moderate reforms.

Leaders from the G20, which groups developed and emerging nations, are attending a dinner at the White House on Friday evening and will hold five hours of talks on Saturday.

This will be followed by a communique and a statement from President George W Bush.

They hope to agree on a common set of principles for future reform, including changes to the organisations charged with regulating the world economy.

Later summits will focus on working out the details of the reforms needed.