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G20 leaders unite on rescue plan -

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G20 leaders unite on rescue plan

Broadcast: 03/04/2009

Reporter: Chris Uhlmann

At the G20 summit in London, leaders have united around a plan to limit the excesses of capitalism.
There will be tougher rules on banks, limits on corporate salaries and a big boost for the
International Monetary Fund.

Transcript

LEIGH SALES, PRESENTER: At the G20 Summit in London, world leaders have agreed on a plan to limit
the excesses of capitalism.

There'll be tougher rules on banks, limits on corporate salaries and a big boost for the
International Monetary Fund.

And capitalists seemed to like the plan, with stock markets soaring around the world.

Political editor Chris Uhlmann reports from London.

CHRIS UHLMANN, REPORTER: Thrown together by the fierce urgency of now. The economic meltdown
demanded unity from the leaders of the world's 20 largest economies.

GORDON BROWN, BRITISH PRIME MINISTER: This is the day that the world came together to fight back
against the global recession.

BARACK OBAMA, US PRESIDENT: There will be, I believe, a turning point in our pursuit of global
economic recovery.

CHRIS UHLMANN: There was always going to be a deal; the only question was of substance.

NICOLAS SARKOZY, FRENCH PRESIDENT (voiceover translation): We would never have believed that we
would have got an agreement so far-reaching.

CHRIS UHLMANN: It beefs up the world's financial rules and drags in hedge funds and the rest of the
shadow banking system, and it threatens sanctions against tax havens.

The International Monetary Fund's war chest will be trebled to US$750 billion, and the frozen
wheels of trade finance will be oiled with an extra $250 billion.

There are no new pledges on government spending, but $5 trillion is already committed.

There will also be a push to limit executive pay.

KEVIN RUDD, AUSTRALIAN PRIM MINISTER: This is the first time the global regulators have stepped in
to, you know, wild, corporate, cowboy behaviour as far as their remuneration's concerned.

CHRIS UHLMANN: Kevin Rudd believes London's deal will resonate in Australia.

KEVIN RUDD: It's been Prime Ministers and Presidents who have struck this deal, but it's small
businesses, tradies and young people who will benefit from it over time.

CHRIS UHLMANN: The leaders will meet again in New York in September.

BARACK OBAMA: You know, it's hard for 20 heads of state to bridge their differences. We've all got
our own national policies. We all have our own assumptions, our own political cultures. But our
citizens are all hurting. They all need us to come together.

CHRIS UHLMANN: Stocks shot up on the news, but not everything ran to plan. The family photo came up
one Prime Minister short.

BARACK OBAMA: Where's the Canadian?

CHRIS UHLMANN: Three hours later, they tried again, this time minus two leaders.

BARACK OBAMA: Where's Berlusconi?

CHRIS UHLMANN: Saving the world might be easier to organise.

It's easy to be cynical about these kind of events and measure progress against what should have
been achieved, but governments move slowly when travelling singly, and at a snail's pace when
travelling in packs. Against that measure, then this meeting achieved considerable progress. But
now, it will be judged by its deeds, not just its words.

Chris Uhlmann, Lateline.