From the BBC:|
G20 summit statement on 2 April 2009
Leaders' statement from the G20 summit in London
"1. We, the Leaders of the Group of Twenty, met in London on 2 April 2009.
"2. We face the greatest challenge to the world economy in modern times; a
crisis which has deepened since we last met, which affects the lives of women,
men, and children in every country, and which all countries must join together
to resolve. A global crisis requires a global solution..."
Is it the beginning of a new world economic order?
By Steve Schifferes - Economics reporter, BBC News
The G20 summit has ended in a global deal to boost world growth.
At first glance, there is less than meets the eye in the G20 communiqué.
There was no co-ordinated economic stimulus plan, and the extra $500bn
pledged to the IMF will come with too many strings attached to boost the world
And regulation, although global in principle, will still be applied by
national regulators who may take different approaches.
Any help to poor countries was limited in scope, and there seems little
prospect of a global trade deal that could lift their prospects in the long
|3 May 2009|
'must cut export dependency'
From the BBC World Service|
Global Financial Crisis 2008
The United Nations says the world economy faces its worst
downturn since the Great Depression.
It expects world economic output to shrink by as much as 0.4% in 2009, due to
a slump among developed countries - particularly the US and in Europe.
This would mark the world economy's first year of contraction since the
1930s, the UN said.
The report added there had been complacency about the impact of the financial
crisis on poorer countries.
"It seems inevitable that the major countries will see significant
contraction in the immediate period ahead and that recovery may not materialise
any time soon, even if the bail-out and stimulus package succeed," it says.
crunch: A quick guide to the origins of the crisis
Most analysts link the current credit crisis to the sub-prime mortgage business,
in which US banks give high-risk loans to people with poor credit histories.
These and other loans, bonds or assets are bundled into portfolios - or
Collateralised Debt Obligations (CDOs) - and sold on to investors globally...
The layman's financial crisis glossary
The current global financial crisis has thrown terminology from the business
pages onto the front page of newspapers, with jargon now abounding everywhere
from the watercooler to the back of a taxi.
Here is a guide to many of the business terms currently cropping up
regularly, as well as some of the more exotic words coined to describe some of
the social effects of the credit crunch.
is post-colonial thinking?