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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World G-20 finance chiefs agree on need to curb deficits By KELLY OLSEN,AP Business Writer - Saturday, June 5 Send IM Story Print BUSAN, South Korea – Finance ministers and central bankers from the world's leading economies agreed Saturday on the need to cooperate in fending off financial market turmoil and keeping the world economic recovery on track. In a statement that will serve as an outline for talks later this month by national leaders, including President Barack Obama, the Group of 20 endorsed rescue policies for Europe and the need to rebalance growth by supporting more domestic demand and greater trade by developing countries. The agreement included no major new initiatives, but it bridged differences over details of far-reaching financial reforms with calls to step up regulatory changes and cut back on massive budget deficits. "The recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," the statement said. Countries must "put in place credible, growth-friendly measures, to deliver fiscal sustainability," it said, noting that the policies would have to fit each country's unique situation. Europe's sovereign debt crisis has sparked worries that the global economy could succumb to a second downturn following the meltdown sparked by the collapse of U.S. investment bank Lehman Brothers in 2008. The group welcomed measures taken by the European Union, the European Central Bank and the IMF, including a $1 trillion bailout, to help countries cope with the fallout from unsustainably high debt levels. "All of us have a strong interest in seeing those programs succeed in restoring confidence," U.S. Treasury Secretary Timothy Geithner told reporters after the meetings ended. He emphasized the U.S. commitment to rebalancing growth. "The United States is moving aggressively to fix things we got wrong and to strengthen our economic fundamentals. And we will give our full support to the G-20 agenda of growth and reform," he said. Officials said that Hungary's warning Thursday that it could face a Greek-style financial meltdown added urgency to the talks. The euro fell below $1.20 for the first time in more than four years in reaction to the news. But European officials insisted that worries about Hungary and the euro were overblown. "Hungary has made serious progress in consolidating its public finances over the last couple of years," Olli Rehn, Europe's commissioner for economic and monetary affairs, told reporters. Any talk of a risk of default "is widely exaggerated," he said. Despite qualms over the long-term prospects for European currency unity, ECB President Jean-Claude Trichet defended the euro, calling it a "solid currency, a credible currency, a currency that has kept its value in terms of price stability." The G-20, founded in 1999, shifted its focus to crisis management after the Lehman Brothers collapse. In addition to its annual finance meetings, it has been holding summits since late 2008. A chief concern is how to rein in ballooning fiscal deficits without hobbling growth. The G-20 is working hard on technical details for reforming financial regulations and participants said there was a basic consensus for the first time on the need for banks and other financial institutions to bear the burden for government bailouts and other interventions. "The financial sector should make a fair and substantial contribution toward paying for any burdens associated with government interventions," the statement said. Yoon Jeung-hyun, South Korea's minister of strategy and finance and host of the meetings, acknowledged that debate over some issues _ especially a possible universal tax on banks to help pay for bailouts _ was heated. "It was apparent that most G-20 members do not support the concept of a universal levy," said Canadian Finance Minister Jim Flaherty, whose government was opposed on the grounds its banks had not needed government intervention during the recent crises. Instead, participants said they agreed that a range of policy alternatives should be considered. Some members worry that an increase in the capital reserves banks must hold to cushion themselves against potential loan losses _ another item on the agenda _ could hinder lending, possibly hobbling access for financing vital for the recovery. Geithner said the group was ready to move ahead on stronger capital reserve requirements for banks and limits on indebtedness to help banks and other financial institutions weather future crises. "We will expedite development of new rules while setting a transition period," he said. "Reducing uncertainty about the ultimate shape of these new rules will help minimize financial headwinds for recovery." He said that China's currency was discussed, but only in the context of the need for "a more flexible exchange rate policy" to help rebalance its economy toward greater reliance on domestic demand. The U.S. has urged China to move faster in loosening controls that keep its currency, the yuan, tethered to the U.S. dollar and thus undervalued, giving its exporters an advantage in overseas markets. ___ Associated Press writers Elaine Kurtenbach and Sangwon Yoon contributed to this report. 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