Obama calls G-20 outcome a turning point - Spokane, North Idaho News & Weather KHQ.com

Obama calls G-20 outcome a turning point

LONDON.  - President Barack Obama says the G-20 economic summit will be a turning point in a global economic recovery.

Speaking at a London news conference at the close of the meeting of major and developing economies, Obama declared "we have learned the lessons of history." He said the nations would not delay in taking unprecedented steps globally, rather than watching as economies around the world turned inward.

He refuted those who said the United States and many of its European partners were at odds over how to confront the deepest global recession in decades.

Obama said the meeting produced the means for taking "toxic assets" off the books of struggling banks, would lead to injecting money into economies to jump-start demand, and brought agreement on tough new regulations for financial institutions.

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