Obama hails 'historic' deal

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President Barack Obama hailed the $1trn deal thrashed out by G20 leaders in London last week as "a turning point" for the global economy which would put it on the path to recovery: "By any measure, the London summit was historic. It was historic because of the size and the scope of the challenges that we face and because of the timeliness and magnitude of our response." Stock markets around the world bounced back on the news that the G20 will pump $1.1trn into the International Monetary Fund to help emerging economies. But economists remain pessimistic, arguing that the stimulus will not be enough to stop the recession from lasting until next year at least or prevent unemployment climbing to levels last seen in the 1980s

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