Pressure mounts on Barack Obama over Syria attack at G20 summit

Sep 05 2013, 20:07 IST
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President Barack Obama shakes hands with Russian President Vladimir Putin during arrivals for the G-20 summit. AP President Barack Obama shakes hands with Russian President Vladimir Putin during arrivals for the G-20 summit. AP
SummaryObama wore a stiff smile as he approached Putin on arrival at the summit and grasped his hand.

States takes aggressive action to spur demand and Europe moves more slowly to let go of austerity.

The emerging economies in the BRICS group - Brazil, Russia, India, China and South Africa - urged the G20 to boost global demand and ensure that any changes in monetary policy are well flagged to minimise any disruptive "spillovers" that may result.

The appeal reflected the concerns among developing nations over the prospect that the Fed will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery.

The BRICS also agreed to contribute $100 billion to a joint currency reserve pool. China will commit $41 billion; Brazil, India and Russia $18 billion each; and South Africa $5 billion.

Russia and China also joined forces in warning about the potential impact of the Fed ending its bond-buying programme to stimulate the economy.

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