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International-UN-NGOs
G-20 Summit wraps up amid differences
2010-11-13
[Iran Press TV] The leaders of G-20 countries have wrapped up their summit in South Korea's capital, Seoul, despite making very little progress on major differences.
But it kept the participants from actually accomplishing anything unhelpful, so in a way that's a positive outcome, like George Soros spending so much in an unsuccessful attempt to defeat Republican candidates and pass Califorornia's marijuana legalization bill.
World leaders at the G-20 summit in South Korea agreed to avoid competitive devaluation of currencies and take the necessary steps to address trade imbalances affecting the world economy.

Leaders of the world's wealthiest nations agreed in Seoul to set indicative guidelines to measure trade imbalances, holding off on details until next year.

G-20 leaders hoped that the South Korean summit would recapture the unity seen after the global financial crisis two years ago, but deep divisions emerged.

A compromise plan has the IMF designing indicators that would warn when imbalances had become a threat to stability.

South Korean President Lee Myung-bak called the summit a success.

"Countries with reserve currencies may be able to print money, but the other countries may be hurt when funds rush out. We had experienced it several times, not only South Korea, but also other emerging countries are under such danger, so the G-20 now allows countries to introduce macro-prudential measures to mitigate the damage," President Lee Myung-bak said.

The summit was aimed at building on a recent G-20 finance pact while lifting global growth to pre-crisis levels but tussles over the monetary and fiscal policies of nations.

While India, China and Brazil have roared back since 2008, European leaders held emergency talks in Korea on Irish debt woes, saying they were ready to help.
Posted by:Fred

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