Thursday, 2 April 2009

Well, did he....?

Did Gordon save the world.......

well yes!

At least the G20 summit was a success in its own terms. And the list of announcements from the summit is very impressive.

$500bn for the IMF to lend to struggling economies
$250bn to boost world trade
$250bn for a new IMF "overdraft facility" countries can draw on
$100bn that international development banks can lend to poorest countries
$6bn increase in lending for the poorest countries.

There will also be sanctions against secretive tax havens and tougher global financial regulation.

London's FTSE 100 index of leading shares ended 4.3% higher. In Paris, the Cac 40 jumped 5.4% and in Frankfurt the Dax rose 6%.

other highlights:

Bankers' pay and bonuses will be subject to stricter controls
A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
There will be greater regulation of hedge funds and credit ratings agencies
A common approach to cleaning up banks' toxic assets has been agreed
The world's poorest countries will receive $100bn extra aid
G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year.

So..well done Gordon. You have proved the doubters so......wrong.

Friday morning update.... see Will Hutton, no Brown sycophant, on Commentisfree here;

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