G-20 meets tomorrow, India warns against protectionism | world | Hindustan Times
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G-20 meets tomorrow, India warns against protectionism

Looking for supply of "oxygen of confidence" to the battered global economy, divided leaders of world's top 20 rich and emerging economies will meet in London on Thursday with India calling for a more concerted effort to deal with the crisis and warning that the world would go into a downward spiral if "we give in to protectionist pressures".

world Updated: Apr 01, 2009 21:11 IST

Looking for supply of "oxygen of confidence" to the battered global economy, divided leaders of world's top 20 rich and emerging economies will meet in London on Thursday with India calling for a more concerted effort to deal with the crisis and warning that the world would go into a downward spiral if "we give in to protectionist pressures".

US President Barack Obama, who will be at the centrestage when Prime Minister Manmohan Singh and other leaders gather at London Docklands amidst massive security, on Wednesday sought to rally the participants by stating that the challenge can be met together and dismissing reports of divisions among them as "vastly overstated".

Obama's optimism, however, flew in the face of sharp differences highlighted by the tough stand taken by France and Germany on some of the key issues with French President Nicolas Sarkozy insisting on Wednesday that the Summit should agree to crack down on tax havens and evolve a tough new regulatory mechanism on global finance.

Sarkozy claimed endorsement for this stand from German Chancellor Angela Merkel with whom he had spoken.