24 Apr 2010

Economic recovery faster than expected says G20

5:53 pm on 24 April 2010

Finance ministers from the world's leading economies say the global economy is emerging faster than expected from the deepest recession in decades.

The G20 ministers have been holding talks in Washington.

The ministers did not mention the international financial rescue package Greece has signed up for but the BBC reports that the country's economic plight did loom large in their discussions.

A joint statement says the pace of the recovery is largely due to the huge amounts of government money pumped into national economies.

The ministers say it is time to wind back measures taken to tackle the crisis but remain split over support for a global bank tax.

US Treasury Secretary Timothy Geithner called for Greece, the International Monetary Fund and the European Union to move quickly to produce a package of strong economic reforms and financial support.

Canadian Finance Minister Jim Flaherty said the G20 is concerned and is monitoring the situation in Greece closely.