Obama in Australia for G20 Summit, Putin could leave early

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

The G20 Summit is underway in Brisbane, Australia.

Australia's prime minister, Tony Abbott, says world leaders will deliver on an initiative to add $2 trillion to global debt.  He also promises freer trade and more investment in infrastructure as heads of the 20 largest economies began cementing plans to drag slow growth out of the doldrums.

Abbott also says the growth plans would add millions of jobs and boost global GDP by "more than 2 percent," which is above expected levels over the next five years.

"That is millions of jobs and trillions of dollars in extra production," Abbott said while officially opening the two-day G-20 conference. "Yes, we want freer trade and we will deliver it. Yes, we need more infrastructure and we will build it." He went onto say: "This is our message to the world: that governments can deliver, that governments can agree that the world can be better, that there can be higher jobs, higher growth and more jobs."

G-20 nations represent 85 percent of the global economy, and are under pressure to take definitive action at this year's summit, instead of producing a set of vague, unmeasurable goals.

At this years summit, each country is expected to present a plan on how they'll achieve their contribution toward the $2 trillion goal. As of right now, the World GDP this year is about $77 trillion.

Australian Treasurer Joe Hockey said the group's growth strategies include 1,000 measures which would lift infrastructure investment, increase trade and competition, cut red tape and increase employment.

"While we still face economic challenges in many parts of the world, I'm optimistic our 2 percent commitment will deliver the growth the world needs," Hockey said.

Before intensive talks could begin, readers took time to enjoy a traditional Aussie barbecue at the state Parliament House, feasting on king prawns, oysters, lamb, and a popular meringue dessert usually served with fruit and whipped cream.

The leaders later issued statements on the Ebola crisis in West Africa. They urge countries which haven't donated to efforts to combat the disease to do so now, and to send medical teams. They added; researchers, regulators, and drug companies needed to work harder to develop vaccines and treatments.

Outside the convention center where the summit is taking place, thousands of protesters braved a scorching heat wave and a labyrinth of roadblocks to stage rallies demanding everything from action on climate change to banning Russian President Vladimir Putin from the gathering.

However, Russian officials say President Vladimir Putin plans to leave the G20 summit early.  A member of his delegation says he'll depart early after Western leaders blasted Moscow on Saturday for the crisis in Ukraine and threatened more sanctions.

The protests have been largely peaceful, with only a handful of arrests. Knives and gas masks are on a long list of banned items in the city this weekend. Eggs, guns, kites and reptiles are also allowed this weekend.

Six thousand police officers patrolled the area to maintain order. Many of those officers spent time pouring water on themselves to keep cool. Temperatures on Sunday are expected to earch 104 degrees.  many dumping bottles of water on themselves to cope with temperatures that are expected to reach about 104 degrees on Sunday.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s