The G20,which comprises the leading developed and developing economies,are cracking down on tax havens.At their meeting in London over the weekend,the G20 finance ministers agreed to punish with sanctions those who do not obey transparency requirements that G20 leaders agreed on at their summit in April.As well,the ministers are considering clawing back any bonuses executives may have received despite having precipitated financial upheaval.The ministers said they would maintain their fiscal and monetary stimulus measures as long as necessary.U.S. Treasury Secretary Timothy Geithner observed that growth is now underway.However,we still face significant challenges ahead.
The G20 leaders will hold a summit in Pittsburgh,Pennsylvania on 24-25 September.
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