Bush invites Yudhoyono for crisis meet

The Jakarta Post | Thu, 10/23/2008 4:41 PM 

U.S. President George W. Bush has invited President Susilo Bambang Yudhoyono to attend a meeting of world leaders in Washinton to address the global financial crisis, a spokesperson said. 

Indonesian presidential spokesperson Dino Patti Djalal said in Beijing that Bush had phoned SBY Tuesday and discussed measures to mitigate a more disastrous impact from the US-led global liquidity crisis. 

Dino said SBY advised the matter to be discussed in the upcoming G-20 level meeting in Washington on Nov. 15 as the group of nations would be an enough representation of the various national interests. 

SBY is currently in Beijing to attend the 7th Asia-Europe Meeting (ASEM). 

Speaking separately in Washinton that day, White house press secretary Dana Perino confirmed that Bush had been talking on the phone with a lot of different leaders to hear about their thoughts about the financial crisis and the meeting in Washington. 

Perino said the meeting would be the first in a series of summits that bring together leaders from countries that participate in the G-20 finance process to discuss current economic challenges. 

The so-called G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. 

According to the Associated Press, in the first meeting, working groups will be set up to develop recommendations to be considered by leaders in subsequent summits. 

President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David presidential retreat last week, announced the series of summit, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe. 

Noting that the summit will be held after the election, it is too early to know whether the president-elect, be it John McCain or Barack Obama, who were notified about the meeting Wedneday, will attend. It is also unclear whether subsequent summits would be held while Bush is still in office. 

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said. 

The managing director of the International Monetary Fund, the president of the World Bank, the United Nations Secretary-General and the chairman of the Financial Stability Forum also have been invited to participate. (and)