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G20 summit: Sarkozy praises Brown and Obama for roles in 'historic' outcome | World news | guardian.co.uk

Nicolas Sarkozy tonight lavished praise on Gordon Brown and Barack Obama for their role in the G20 summit but insisted the "historic" outcome would not have been achieved without pressure from France and Germany.

Hailing the greatest financial reform since the Bretton Woods agreement, and ending "the madness of this time of total deregulation", the French president revealed there had been "tensions in the room" until shortly before the conference ended.

"We would never have hoped to get so much," he said at his final press conference. "This is not the victory of one camp against the other, but shows the growing awareness that the world needs to change."

Sarkozy, backed by the German chancellor, Angela Merkel, had several times threatened to walk out if their joint "red lines" on regulation were not preserved - even though this was widely dismissed as tactical posturing.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 2nd, 2009 at 03:41:59 PM EST
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with the outcome of the meeting:

G-20 in London: More Oversight and $1 Trillion for World Economy - SPIEGEL ONLINE - News - International

On Thursday in London, the G-20 agreed to inject $1 trillion into the global economy and to significantly strengthen financial oversight. Chancellor Merkel called the agreement an "almost historic compromise."

On Wednesday, eyebrows were raised when German Chancellor Angela Merkel and French President Nicolas Sarkozy went before the press to demand in no uncertain terms that the G-20 do more to strengthen regulation of global financial markets. On Thursday, the two leaders appeared to be getting everything they asked for.

German Chancellor Angela Merkel was pleased by the results of the G-20 summit in London. G-20 leaders, gathered in London this week to find a common response to the global economic meltdown, agreed to significantly tighten oversight of the global financial markets. Merkel and Sarkozy had rejected earlier drafts of the statement for lacking bite when it came to financial oversight. Now, the G-20 has agreed to the creation of blacklists of tax havens in addition to measures to tighten rules pertaining to hedge funds and credit rating agencies. An oversight body will also be created.

by Fran on Thu Apr 2nd, 2009 at 05:44:35 PM EST
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News Analysis - Obama's Star Turn at Summit Gets Mixed Results - NYTimes.com
After more than 11 hours of meetings, Mr. Obama emerged Thursday from his first summit meeting with a handful of modest concrete commitments. He did not get much of what American officials had been hoping for, notably failing to persuade other countries to commit to more fiscal stimulus spending.
by Fran on Fri Apr 3rd, 2009 at 02:07:43 AM EST
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