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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: WTO chief says banks must clean up balance sheets AP - 1 hour 28 minutes ago SEOUL, South Korea - Banks must clean up their balance sheets and countries reject protectionism for the global economy to achieve a turnaround, the head of the World Trade Organization said Monday. ADVERTISEMENT "Until and when that happens there is, in my view, no turning point in sight," Pascal Lamy, director general of the global trade body, said, referring to banks loaded with bad debts. Lamy told a forum in Seoul that world trade is decreasing not only because of falling demand, but "because of a lack of trade financing." Some 90 percent of global trade depends on such financing, which was drying up amid the global financial crisis, he told a press conference earlier. Lamy also told the forum that countries must avoid protectionism and quickly reach agreement on the stalled Doha round of WTO trade talks, calling it the "best insurance policy available" against trade barriers. WTO talks aimed at a new global commerce pact _ the so-called Doha round named after Qatar's capital where talks were launched in 2001 _ have been unable to secure a final deal amid disagreement between the United States and emerging economies over trade rules applying to agricultural and industrial goods. Lamy told reporters that efforts by U.S. lawmakers to incorporate so-called "buy American" measures into the country's recently passed economic stimulus program were a "mixed bag" because steps were taken to mitigate the protectionist aspects. He said a compromise ensured the buy American provisions "will be implemented in a way that is consistent with U.S. WTO obligations." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's Founder Tech axes 200 jobs - spokesmanReuters - 1 hour 22 minutes ago China's fiscal deficit to hit record high in 2009: reportAFP - 1 hour 25 minutes ago WTO chief says banks must clean up balance sheetsAP - 1 hour 28 minutes ago Shenzhen Bank shares suspended on merger reportReuters - 1 hour 56 minutes ago Related Articles: Business Seoul shares rebound 3 pct on Citi news, won gainReuters - 1 hour 10 minutes ago Philadelphia papers owner files for bankruptcy protectionReuters - 1 hour 15 minutes ago Mortician tale "Departures" surprises with OscarReuters - 1 hour 15 minutes ago India's Bharat Heavy gets $635 mln orderReuters - 1 hour 15 minutes ago Sumitomo Mining seeks more control over copper flowReuters - 1 hour 21 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Terminally ill British TV star marries as cameras roll Huge gamma-ray blast spotted in space Obama aims to cut deficit in half Seductive chemicals hidden in sloppy kisses Terminally ill British TV star marries as cameras roll View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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