G-20 Agrees On $1 Trillion For Developing Nations, But Not Stimulus Plans

LONDON — U.S. and British calls for more stimulus spending went unanswered at the G-20 meeting in London.

Despite prodding from the two nations for governments to jolt their economies out of their doldrums with stimulus plans, the G-20 communique largely focused on tighter restrictions on financial markets and freeing up billions of dollars for struggling nations.

World leaders at the summit pledged an unprecedented $1.1 trillion in loans and guarantees to impoverished nations while agreeing to crack down on tax havens and hedge funds.

French President Nicolas Sarkozy (sahr-koh-ZEE’) says there were “moments of tension” during the talks. He says leaders never expected to get “as big an agreement.”

German Chancellor Angela Merkel (AHN’-geh-lah MEHR’-kuhl) called the measures “a very, very good, almost historic compromise” that will give the world “a clear financial markets architecture.”