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Old 11-24-2008, 09:51 AM
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Default Asia Pacific leaders vow action on economic downturn

Asia Pacific leaders vow action on economic downturn

Anne Barrowclough



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Asia Pacific leaders making up half the global economy have vowed quick and decisive action to prevent a global depression on the last day of the Asia-Pacific Cooperation forum (APEC) summit in Peru.

Leaders of the 21-member forum offered no specific action to halt economic downturn, but in a joint statement described the slowdown as "one of the most serious economic challenges we have ever faced."

They said free trade and higher government spending were key to resolving the economic crisis gripping the world, and agreed the need to revive world trade talks.

In a joint statement, the leaders promised to "take all necessary economic and financial measures to resolve this crisis."

Their declaration at the end of the two-day summit in Lima echoed measures called for by the G20 meeting in Washington last week, and widened support for drastic action to stimulate lending and spending.

In an unusual move, a separate statement on the global economy released Saturday was modified in the middle of the night to voice more optimism.

"We are convinced that we can overcome this crisis in a period of 18 months," said the added language.

Delegates said that the stronger wording came at the urging of Peruvian President Alan Garcia, the host of the summit.

"We have agreed on this firm statement that will break the vicious circle of anxiety and uncertainty," Mr Garcia said. "We are going to fight this crisis to the bitter end."

He spoke in front of leaders gathered next to him in shapeless brown ponchos, fulfilling an APEC tradition of wearing local outfits for the final group picture.

However not all leaders agreed with the 18 month time frame. Stephen Harper, the Prime Minister of Canada, said it sounded too optimistic and Kevin Rudd, the Prime Minister of Australia, said it was Mr Garcia's opinion and was not shared by all APEC members.

Nor was it clear how trade talks could be resumed. Seven years of global trade negotiations have been hampered by disputes between the United States, China, India among others, and there was no mention of what concessions they would beprepared to make now.

Asia Pacific leaders vow action on economic downturn - Times Online
All I can say at this point is that someone should have told them not to drink the water!!! ( see photo above )...wrong kind of "stimulus"
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Old 11-24-2008, 10:59 PM
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Default Re: Asia Pacific leaders vow action on economic downturn

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Originally Posted by Spencer Collins View Post
Asia Pacific leaders vow action on economic downturn

Anne Barrowclough





All I can say at this point is that someone should have told them not to drink the water!!! ( see photo above )...wrong kind of "stimulus"
Hold the phone, Mija! We can print more money!
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