debt since previous efforts to retire securitized bank debt has thus far not produce sustained and effective results in the turbulent credit markets.
“We are faced with the prospect of a global meltdown,” said Bush. “And so we’ve responded with bold measures. I’m a market-oriented guy, but not when I’m faced with the prospect of a global meltdown. At Saturday’s summit, we’re going to review the effectiveness of our actions.”
The summit will be hosted by Brazil, an emerging market leader that is new to the G-20, which includes among others China, India, South Africa, and South Korea. Throughout the weekend the group aims to discuss competition in financial markets, clean energy and economic development, and fiscal elements of growth and development. Finally, before the weekend ends the leaders will also task work and develop recommendations to be considered by leaders at subsequent meetings.