Unprecedented global action needed to counter crisis - Turkish PM
Hurriyet Daily News with wires
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Erdogan said the global crisis was serious and dramatically abated confidence in finance institutions and markets in developing countries, during a speech delivered at Chatham House Royal Institute of Foreign Affairs, adding that public intervention was necessary to prevent further escalation of the problems.
"No country can say it was not affected by the developments. Growth in these countries has slowed and unemployment has risen because of a drop in demand and a bottleneck in financial channels. There should be both national and international action taken to combat the crisis," Erdogan said.
G-20 is the most efficient platform
Erdogan said the G-20 was considered the most efficient platform in the area of international cooperation. "At the summit, G-20 leaders expressed determination to overcome the crisis soon, make financial system stronger, and enliven growth and employment. We have agreed to take tangible steps to progress towards the goals in question rapidly. The G-20 will probably convene in
Erdogan said consequences of the measures on growth and employment would be seen more clearly in the next period, and G-20 leaders also took comprehensive decisions to support the international finance system and to prevent repetition of such crises.
Thursday's G-20 Summit in
IMF funds were tripled to $750 billion, pointing to significant fresh resources for emerging economies.
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