Bush, Sarkozy call for an int”l effort to deal with financial crisis


Washington : US President George W. Bush and his rival French President Nicolas Sarkozy called on Saturday for more international collective efforts to address the current financial crisis.

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Bush said along with Sarkozy and European Commission President Jose Manuel Barroso after arriving to the Camp David presidential retreat in Maryland that the US will host a summit of world leaders “in the near future” to discuss the global financial crisis.

The President didn’t give any more details about the summit or the countries to participate but he said that “It is essential that we work together because we are in this crisis together”.

“This is a worldwide crisis so we must find a worldwide solution,” the French President Nicolas Sarkozy said.

“We will discuss the crisis in the European-Asian summit next week.” Sarkozy added. “We need to take steps to prevent such crisis from happening again in the futre”.
Leaders and delegates from 45 Asian and European countries and organizations will gather in Beijing for a summit on Oct. 24 – 25 to “conduct an in-depth discussion on international and regional issues”.

Sarkozy and Barroso are trying to convince Bush that now is a good opportunity to tighten and better coordinate control of the financial markets.

Bush has backed the steps European nations have taken to stem the economic crisis, and signed earlier this month an American rescue package authorizes the Treasury Department to use up to USD 700 billion to help banks rebuild capital and continue making loans to businesses and consumers through allowing the government to purchase equity shares in banks and some of the troubled assets responsible for clogging the financial system.