Global Arab Network | king Abdullah and Obama discuss the financial crisis

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king Abdullah and Obama discuss the financial crisis

king Abdullah bin Abdul Aziz of Saudi Arabia has met with US president Barack Obama on the sidelines of the G20 summit held in London yesterday. During the meeting, the two leaders discussed their countries'' efforts aimed at reviving the global economy to overcome the current financial crisis. They also reviewed the recent regional and international developments, foremost, the situation in Palestine, and the necessity of achieving peace that would guarantee the establishment of an independent state to the Palestinians in accordance with the international legitimate resolutions. The talks also covered the bilateral ties and means of boosting them in all domains.

US President Barack Obama hailed the outcome of the G20 summit as "unprecedented" stressing that it will lead to coordinated action to tackle the global financial crisis.

Addressing a news conference at the Excel Centre, in east London, after the summit concluded, the President said people during the Great Depression in the 1930s failed to act or meet the challenge together.

"Today we have learned the lessons of history and we agreed to take important steps to restore growth and stimulate the market."    The summit was committed to assist those who depend on credit, Obama pointed out.

He also referred to the bold action taken by the G20 to support developing countries and reject protectionism.

"If we failed to act the current downturn would have turned into a deepening crisis that could lead to depression," the US leader added.

He outlined a comprehensive reform program of the failed regulatory financial system.

Obama said that he came here to listen and to provide US leadership.

"We wanted to make sure that we have a strong response to provide growth.

The President said that the summit document reaffirms the need for all countries to take measures to enhance demand and to work towards fixing the economy.

He said that the summit alone "is not enough to resolve all the economic woes facing the world. Despite the fact that the action taken is absolutely vital, it is also important to deal with systemic risk resulting from the toxic assets," he went on.

There is also a need to execute a stimulus economic program by individual countries.

In answer to a question, Obama said that since he became President he strove to communicate the notion that the US is a critical actor and a leader that recognizes that the world is a complicated place.

"We have to act with other countries and lead by example and show an element of humility, so that people give us the benefit of the doubt," the American President stressed.

He referred to real dangers ahead and problems to be addressed "but at least we have started with the notion that we are ready to listen."    Responding to another question that the conclusion of the summit will not lead to a depression, Obama said "In life there is no guarantee and in economies there is no guarantee."    However, he was confident that the conference conclusions will help resolve the current global economic crisis "but whether they are sufficient we have got to wait and see."    He was pleased that the G20 will respond again to any new threat facing the economy, but he cautioned that there are still emergencies that could arise.

Obama criticized the Bush administration by saying some of the actions it had taken "lowered our standing in the world."    "Now people are more hopeful about the American leadership. We remain the most powerful military and the largest economy in the world," Obama concluded.
Arab Global Network

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