G20 Leaders Seeking for Ways to Fight Recession

G20 Leaders Seeking for Ways to Fight Recession

G20 leaders are gathered in Pittsburgh, seeking ways to fight the recession, and keep economic problems from breaking out again. In addition, President Barack Obama is going to make an announcement early today, at the G20 economic summit.

Friday, presidents, prime ministers and other heads of state are scheduled for working sessions focused on the economic issues that pushed the world into recession.

They hope to change rules and customs to avoid another such meltdown in the future.

Before the summit began there was considerable public debate over bonuses paid to bankers, and efforts to limit them. French and German officials say the bonus system encouraged reckless risks that threatened the financial system. The Europeans want new rules to limit such payments, Voice of America reports.

In the meantime, with many major economies beginning to climb out of recession, attention at the G20 will turn to when and how to withdraw government stimulus packages.

Near the venue, police fired rubber bullets after protesters tried to march, without permission, towards the convention centre where the summit is being held, BBC News reports.

It was also reported, the White House says President Barack Obama will attend both morning and afternoon plenary sessions and will attend the G-20 leaders lunch.

The leaders are holding talks aimed at making sure a fledgling global recovery remains on track while laying down tougher rules for global financial institutions.

The president planned to hold a news conference Friday before leaving Pittsburgh for his return home to Washington, The Associated Press reports.