World leaders have financial crisis summit in Washington

WASHINGTON (AP) - The global economic meltdown is bringing together the leaders of the world's wealthiest nations and its major developing countries for a two-day summit in Washington.

The stated goal of the first-ever leaders' summit of the Group of 20 this weekend is to examine the causes of the crisis and to begin mapping out principles for a response. President George W. Bush is hosting the summit. Former Iowa Congressman Jim Leach and former Secretary of State Madeleine Albright will represent President-elect Barack Obama.

Trade union leaders from participating countries plan to join AFL-CIO leaders today in meetings with several foreign heads of state. The labor leaders are calling for re-regulation of global financial markets, an internationally coordinated fiscal stimulus and balanced economic growth to address income inequality. The talks are set to wrap up tomorrow.

Source: Associated Press