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G20 summit unveils optimism for global recovery

The finance ministers of the G20 group of developed and emerging economies issued optimism about the global economic recovery, after it met on April 23 in Washington, D.C.

An announcement after the meeting stated that the global economy is emerging faster than expected from its worst recession since World War II. According to the G20 ministers, the recovery was primarily due to the large amounts of cash which Governments have injected into their economies.

The statement said: "The global recovery has progressed better than previously anticipated largely due to the G20’s unprecedented and concerted policy effort." However, it highlighted that the process was occurring "at different speeds within and across regions".

While concerns were raised for Greece, US Treasury Secretary, Timothy Geithner, said he welcomed the greater sense of urgency being demonstrated over the debt-ridden economy.

Greece is currently battling with debt of €300 billion (£273 billion) and is taking action to reduce its public deficit from 12% to 8% of GDP this year. Earlier this month, a deal was agreed under which finance ministers of the euro zone nations agreed to provide emergency loans totalling €30 billion (£26 billion) to Greece.

However, Mr Geithner called for Greece, the IMF and the EU to move quickly to produce a package of strong economic reforms and financial support. Greece's woes have made investors nervous and, as a result, the euro has plummeted against other major currencies.

The G20 is made up of the finance ministers and central bank governors of 19 countries which are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and the US.

The European Union is represented by the rotating Council presidency and the European Central Bank.

Date: 25.04.2010 [245]

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