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G-20 leaders near banker-pay limits amid protests

2009-09-25 11:40 BJT

Special Report: Hu attends UN, G20 Summits |

PITTSBURGH: As police clashed with protesters in the streets, world leaders on Thursday closed ranks on pay limits for bankers whose risky behavior contributed to the global financial meltdown. With economies on the mend, a summit mood of cautious optimism replaced last year's fear and uncertainty.

US President Barack Obama, accompanied by first lady Michelle Obama, waves upon their arrive at Pittsburgh International Airport in Coraopolis, Pa., Thursday, Sept. 24, 2009. He will be attending the G20 Summit being held in Pittsburgh on Friday, Sept. 25. [Agencies]
US President Barack Obama, accompanied by first lady Michelle Obama,
waves upon their arrive at Pittsburgh International Airport in
Coraopolis, Pa., Thursday, Sept. 24, 2009. He will be attending 
the G20 Summit being held in Pittsburgh on Friday, Sept. 25.[Agencies]

US Treasury Secretary Timothy Geithner cited progress on several fronts, predicting that summit partners would endorse the broad outlines of a proposal to deal with huge imbalances in the global economy — such as large trade surpluses in China and record budget deficits in the United States. He said other countries also seemed willing to scale back subsidies supporting fossil fuels that aggravate global warming.

At a news conference, Geithner also said the US supports China's efforts to gain greater voting rights in the International Monetary Fund over the reservations of European nations, who would lose influence.