Bush sets tone for upcoming G-20 Summit

WATCH VIDEO

Source: CCTV.com | 11-14-2008 10:37

Claiming that the financial crisis is not a "failure of the free market," George W. Bush has called on the world leaders meeting this weekend in Washington to agree on a modest set of reforms, so that future financial collapses may be avoided.

George W. Bush has called on the world leaders meeting this weekend in Washington to agree on a modest set of reforms, so that future financial collapses may be  avoided.(CCTV.com)

With the severe economic downturn threatening to end his tenure on a sour note, Bush will host the leaders at a White House dinner on Friday and review the causes and possible solutions for the financial mess.

The summit this weekend will be just the first in a series intended to deal with the global economic meltdown.

The next meeting will not be held, however, until after Bush leaves office on January 20th.

George W. Bush, U.S. President, said, "It's true this crisis includes failures by lenders, and borrowers, and by financial firms, and by governments and independent regulators. The crisis was not a failure of the free market system. And the answer is not to try to re-invent that system. It is to fix the problems we face, make the reforms we need and move forward with the free market principles that have delivered prosperity and hope to people all across the globe."

Editor:Zhang Pengfei