Members of the G-20 today announced a $1.1 trillion economic stimulus plan, including $500 billion for the International Monetary Fund.
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The infusion will triple IMF’s resources, to $750 billion, enabling it to provide more funding to countries hardest hit by the financial crisis.
The New York Times reports that the leaders at the G20 summit in London also called for heightened regulation of hedge funds, a crackdown on tax havens and caps on executive bonuses for bankers.
“This was the day the world came together to fight back against global recession,” British prime minister Gordon Brown said.
The Wall Street Journal notes that most of the plans announced today will require substantial follow-up efforts at the domestic and international levels.
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