G-20 agrees on need to cooperate in handling market turmoil, safeguard global recovery

G-20 agrees to advance reforms, rebalance growth

BUSAN, South Korea — Finance chiefs of the world’s leading economies have endorsed rescue policies for Europe and the need to rebalance growth by encouraging domestic demand and greater trade by developing countries.

A statement issued Saturday by finance ministers and central bankers of the Group of 20 bridged differences over details of far-reaching financial reforms with calls to step up regulatory changes and cut back on massive budget deficits.

U.S. Treasury Secretary Timothy Geithner and other G-20 finance ministers cited the urgency of working together to contain market turmoil and safeguard the global recovery.