APEC: Financial crisis to be overcome in 18 months

Financial Crisis Posted on

The financial crisis threatening to plunge the world into recession can be overcome by mid-2010, Pacific Rim leaders said Sunday as they wrapped up a two-day summit.

"We are convinced that we can overcome this crisis in a period of eighteen months," the 21 leaders said in the statement. "We have already taken urgent and extraordinary steps to stabilize our financial sectors and strenthen economic growth."

The words of confidence were added early Sunday to a joint declaration that the leaders of the Asia-Pacific Economic Cooperation forum originally issued on Saturday. One delegate, who spoke only on condition of anonymity, said the changes were made at the request of the summit's host, Peruvian President Alan Garcia.

The leaders also added language saying they were sending their ministers to Geneva next month to jumpstart the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis injected new urgency into the negotiations.

The 21 members, who represent more than half the world's economy, are struggling to restore confidence in the world's ailing financial system by declaring their opposition to new trade barriers.

The summit endorsed a blueprint worked out at a summit of top economies in Washington, but stopped short of major new proposals to ward off a punishing global recession.

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