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$1,000,000, 000 ,000 (aka THE DADDY OF 000 , 000 ALL BAIL-OUTS); OBAMA DRAMA Gordon and world leaders' package to 'end recession by next year'.


GORDON Brown and Barack Obama last night emerged triumphant from the G20 summit with a $1trillion global rescue deal.

They persuaded the world's leaders to boost trade, pour billions into the poorest nations and crack down hard on reckless bankers and tax havens.

Obama said: "This is a turning point in our pursuit of global economic recovery."

Mr Brown said the massive injection of cash - worth pounds 698,700,000,000 - will push the UK out of recession by next year and would mean more trade, more jobs and more prosperity across the planet.

A large chunk of the money will help prop up economies in danger of collapse, give nations more credit so they can carry on selling and buying, restore lending and allow more local currency to be printed.

Mr Brown told delegates at the historic G20 meeting in East London: "This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and with a clear timetable for its delivery."

Asked if it was the end of the recession, he added: "There is a determination to do whatever is necessary.

"By injecting more resources into the world economy we will create more jobs, we will ensure businesses can invest more and we will be able to help homeowners worried about their mortgages.

"People can have more confidence that not just Britain but the whole of the world is addressing these financial failures.

"I believe as a result of that the recovery will advance faster."

After his closing speech at the ExCel Centre, Mr Brown was given a standing ovation by other world leaders, including Italy's Silvio Berlusconi and Dmitry Medvedev of Russia. Barack Obama praised the PM and said he had got everyone pulling in the same direction.

He added: "If I had imagined 10 years, 20 years or 30 years ago that you would have the leaders of Germany, France, China, Russia, Brazil, South Africa and a President of the US named Obama - former adversaries, some former mortal enemies - negotiating this swiftly to fix the global economy, you would have said that was crazy, and yet it happened. That is a testimony to the great work that Gordon Brown did."

The President said the summit was "a turning point in our pursuit of global economic recovery". He added: "We owe it to all of our citizens to act and act with a sense of urgency. Today, world leaders have responded with a unprecedented set of comprehensive and co-ordinated actions."

French President Nicolas Sarkozy said the conclusions of the summit were "more than we could have hoped for". German Chancellor Angela Merkel insisted the plan would give the world a "clearer financial market architecture".

The deal, hammered out amid the derelict buildings and old dockyards of the East End, also agreed to strengthen financial regulation over banks and credit rating agencies, including "tough new principles" on bankers' pay. It also urged action to be taken against tax havens and pledged to put an extra $50billion dollars into helping poor countries. There were growing fears the package could go too far and spark a surge in inflation which could wipe out savings.

But a source said: "That's not today's problem. Today's problem is deflation."

The package was welcomed by charities. Save the Children's director of campaigns Adrian Lovett said: "Nobody should imagine this summit is anything more than a beginning.

A communiqu feeds no one and words alone do not save a child's life. But there is a ray of hope that leaders may have grasped the chance to point the world in a fairer, more just direction."

Oxfam spokesman Duncan Green added: "This summit delivered a vital pick-me-up for poor countries but much more is needed."

Out of the bail-out package, $500billion will go into the International Monetary Fund to prop up economies in danger of collapse.

A Government source said the UK would benefit by making sure these countries can keep trading with us.

There will be another $250billion dollars in "trade finance" to get nations spending again. The rest is earmarked for other measures to help steer the world economy on course.

What you get for $1trillion

Pay MP's expenses for 7,344 years

Run the NHS for nearly seven years

Cover UK defence spending for the next 19 years

Stage 73 London 2012 Olympics

An entire year's worth of oil for the USA

Buy EVERYONE on Earth an iPod

Pave the entire U.S. interstate highway system with 23.5- carat gold leaf Purchase Microsoft, Walmart, Google, Coca- Cola, Pepsi Co, Apple and Time Warner and still have $ 243bn left over

Spend a dollar per second for 32,000 years

Pay for all the goods and services produced in Australia in one year

Pay off every single American's credit card bill


HISTORIC SUMMIT Heads of delegation at the G20 in the ExCel centre yesterday CONFIDENT SMILES Obama, Berlusconi and Medvedev P20 Canada's Stephen Harper missed a photo, top, as he was in the loo. Then the retake saw Italy's Silvio Berlusconi and Indonesia's Susilo Bambang go AWOL PRAISE Obama paid tribute to Mr Brown for his 'great work'
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Publication:The Mirror (London, England)
Date:Apr 3, 2009
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