Bush offers to host world economic summit
Sunday, 19 October 2008 22:12
World leaders are being invited to gather together before the end of the year to begin designing a new structure for the global economy.
The announcement was made last night at the US presidential retreat, Camp David, in Maryland,
US President George W Bush held talks at the centre with French President Nicolas Sarkozy and the President of the European Commission Jose Manuel Barroso.
The aim of the summit would be to ensure there could be no repeat of the current international financial crisis.
In another development, South Korea has become the latest country to announce a multi-billion dollar package of measures to stabilise its financial markets.
A total of €22bn is being pumped into the commercial banks.
Their foreign borrowing is being guaranteed in an effort to ease the effect of the commercial credit crunch that has hit the country particularly hard.
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