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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 mull deficits, banking rules By ELAINE KURTENBACH,AP Business Writer - Saturday, June 5 Send IM Story Print BUSAN, South Korea – Finance chiefs of leading economies tackled the thorny issue of reforming supervision of banks and other financial institutions Saturday, the urgency of their task sharpened by fears that Hungary's debt crisis could bring on a new round of financial disarray. In a letter, U.S. Treasury Secretary Timothy Geithner urged his counterparts to reaffirm their commitment to safeguarding the recovery. "The G-20's strong policy response has played a pivotal role in restoring economic growth but concerns about growth as Europe makes needed policy adjustments threaten to undercut the momentum of the recovery," Geithner said in the letter, published online by the Wall Street Journal. Its authenticity was confirmed by his staff. "Fiscal reforms are necessary for growth, but they will not succeed unless we are able to strengthen confidence in the global recovery," Geithner said. Yoon Jeung-hyun, South Korea's minister of strategy and finance, said as he opened a working session Saturday that the worries highlight the need to move ahead on financial regulatory reforms. The Group of 20 major advanced and developing economies looked likely to put aside discord over technical details for the sake of progress on an outline for a coordinated program of financial reforms to be endorsed by leaders, including President Barack Obama, at a June 26-27 meeting in Toronto. A chief concern is how to rein in ballooning fiscal deficits without hobbling growth. As they began their talks Friday in the South Korean port city of Busan, the finance ministers and central bankers showed growing concern over the threat to the global recovery from Europe's sovereign debt crisis. Hungary became the latest country to warn Friday it was facing problems, following Greece, Spain and Portugal, prompting the euro to fall below $1.20 for the first time in more than four years. "The mood has changed decisively in favor of encouraging those countries facing the highest risks to accelerate their deficit reduction plans," British Chancellor George Osborne wrote in Saturday's edition of The Times Online. Asked if the discussions were heated, Shin Je-yoon, deputy minister for international affairs at South Korea's Ministry of Strategy and Finance, agreed. "A lot of heat, a lot of heat," Shin said. Yoon said Friday that the meeting came at a "critical time when our cooperation is more important than ever to address significant economic risks and firmly secure the global recovery." The talks were to end later Saturday with a statement that was expected to express strong support for Europe's nearly $1 trillion bailout in loans and guarantees for countries that get into financial trouble. The agenda also includes reform of international financial institutions and nuts-and-bolts issues on how to finance and structure safety nets to limit damage from future crises. This includes "the need to ensure the credibility of the massive mechanisms needed to restore stability," French Finance Minister Christine Lagarde told reporters. Apart from controversy over whether to impose a bank levy to fund bailouts, members are also debating a global standard for capital reserves that financial institutions must hold as a cushion against potential loan losses. Osborne said he still would be pushing for agreements on tightening banking capital requirements to be concluded, to "end the uncertainty." But some members fear that too steep or fast an increase would prompt banks to curb lending, cutting off funding crucial for the recovery. "There will be a delay in implementation," said Lagarde, noting the need for technical work on the rules. The G-20, founded in 1999, shifted its focus to crisis management after the 2008 collapse of U.S. investment bank Lehman Brothers. The group meeting in Busan is drafting an agenda for a summit meeting in Seoul in November that includes building a "framework for strong, sustainable and balanced growth." "I hope that today we'll be able to come up with some concrete message which our leaders can consider and use at the Toronto summit three weeks from now," Yoon said Saturday. On Friday, World Bank experts at a conference in Busan said that agenda must take into account the growing need to tap the strong potential of developing economies, which are due to see 6 percent growth this year _ twice that of the advanced economies. ___ Associated Press writers Sangwon Yoon and Kelly Olsen contributed to this report. 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