G-20 gives $1 trillion to fight world economic crisis

World leaders pledged $1.1 trillion in loans and guarantees to impoverished countries and agreed Thursday to crack down on tax havens and hedge funds but failed to reach sweeping accord on stimulus spending that would directly attack the global economic decline.

In a communique capping a dramatic one-day gathering, the leaders of the Group of 20 nations announced the creation of a supervisory body to flag problems in the global financial system. They did not, however, satisfy U.S. and British calls for new stimulus measures.

They did bridge the gap between the United States and some European nations over how far to regulate the market and curb the excesses that sparked the global economic crisis.
Thursday’s gathering was called in hopes of restoring faith in the global financial system – and in one possible gauge of success, European and U.S. markets surged ahead as the outcome of the summit came into view.