Source:
AFPby Deborah Cole
LONDON (AFP) – World leaders on Thursday closed on a deal to jumpstart the sputtering global economy at one of the most important summits of recent decades.
After sharp differences over how to restore confidence, representatives of US President Barack Obama and other Group of 20 leaders agreed the IMF could get up to 500 billion dollars in extra funding and a tax haven black list could be drawn up.
The British summit hosts expressed confidence an agreement would be clinched from the divisions at the meeting, which is being widely watched by markets and has sparked anti-capitalism riots in London in which one man died.
British Prime Minister Gordon Brown said in his opening speech to the summit that there was a "very high degree of consensus".
The summit has focused on measures to regulate financial markets, a clampdown on excessive corporate salaries and tax havens and increasing funding for the International Monetary Fund (IMF).
Delegations were discussing ways to find hundreds of billions of dollars for the IMF and other institutions, diplomats said. Some spoke of up to 500 billion dollars of extra money.
There was broad agreement on drawing up a 'shame and name' blacklist of tax havens to force changes in banking secrecy.
Tax havens that refuse to share information with other countries will face "sanctions", Stephen Timms, financial secretary to the British treasury told reporters.
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