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Leaders move to deal with economic crisis

LONDON Leaders from around the globe made headway today on tackling the world's worst financial crisis since the 1930s, with signs of agreements to give more money to the International Monetary Fund, clamp down on tax havens and tighten regulation over freewheeling hedge funds.

A British official said the Group of 20 rich and developing countries would likely approve giving more than $500 billion to the IMF so it can increase its loans to governments struggling because of the financial crisis.

Two other people close to the negotiations said France and Germany had persuaded the Group of 20 leaders to back tougher language in the final statement on stronger financial regulations to avoid a repeat of the current crisis.

Opening the summit in London's east Docklands district, British Prime Minister Gordon Brown said there was strong unity among leaders.

Britain's Finance Secretary Stephen Timms said countries would agree on sanctions against countries who refuse to sign up to new rules on regulating tax havens.

"The era of banking secrecy is over," Timms said.

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