Asia-Pacific leaders sound upbeat note on crisis (confident world will overcome crisis in 18 mos.)

AFP on Yahoo ^ | 11/23/08 | P. Parameswaran

[NormsRevenge]

LIMA, Peru (AFP) – Asia-Pacific leaders wrapped up a summit Sunday voicing confidence the world would overcome the financial crisis within 18 months by jumpstarting global trade talks and resisting protectionism.

The meeting in Peru marked the farewell to international summits for US President George W. Bush, who held final meetings with other top world leaders including a cool exchange with Russian President Dmitry Medvedev.

The leaders of the 21-member Asia-Pacific Economic Cooperation forum vowed in a final declaration to "act quickly and decisively" to combat "one of the most serious economic challenges we have ever faced."

In an unusual move, a separate statement on the global economy released Saturday was modified in the middle of the night to voice more optimism.

"We are convinced that we can overcome this crisis in a period of 18 months," said the added language.

Western diplomats said on condition of anonymity that host Peru had supported the stronger wording and that the late-night amendment was passed off as an "administrative error."

Peruvian President Alan Garcia hailed the efforts of the leaders.

"We have agreed on this firm statement that will break the vicious circle of uncertainty," Garcia said. "We are going to fight this crisis to the bitter end."

[NormsRevenge]

US President George W. Bush waves as he arrives for the Asia-Pacific Economic Cooperation (APEC) summit family photo in Lima. Asia-Pacific leaders wrapped up a summit Sunday voicing confidence the world would overcome the financial crisis within 18 months by jumpstarting global trade talks and resisting protectionism. (AFP/Rodrigo Arangua)

[MarkeyD]

When a politician gives you a time frame, always multiply by 3 or 4.

[Vince Ferrer]

"We are going to fight this crisis to the bitter end."

That's upbeat? I'd hate to hear him when he's pessimistic.

[Ken H]

How many of these guys saw the crisis coming? They are supposed to have the best information and the best advice available anywhere, yet they were caught with their pants down.

Why should anything they say on the matter be taken as credible?

[blam]

Huh? I thought (they said) this ‘thing’ would be turned around by the middle of 2009?

[SlightOfTongue]

If they actually pull it off, then we can most definitely say that the Obama admin will have had NOTHING WHATSOEVER TO DO WITH THE RECOVERY!!!!!

That said, let's make note of this from now until then, that an "On-The-Job-Trainee" president effects NOTHING!!!