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Financial crisis may be over soon, APEC leaders say

Asia-Pacific leaders making up half the global economy on Sunday voiced hope that the global financial crisis would be over within 18 months.

The gathering in Peru marked the farewell to international summits for US President George W. Bush, who won hope for one last-minute breakthrough as new talks were scheduled on ending North Korea’s nuclear program.

The leaders of the 21-member APEC forum vowed in a joint declaration to “act quickly and decisively” against the global economic crisis, although they offered no specific new action.

In an unusual move, a separate statement on the global economy released on 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,” the added language said.

Delegates said that the stronger wording came at the urging of Peruvian President Alan Garcia, the host of the summit.

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

He spoke in front of leaders gathered next to him in shapeless brown ponchos, fulfilling an APEC tradition of wearing local outfits for the final group picture.

Some leaders, particularly Russian President Dmitry Medvedev, had to be convinced not to take off the wool mountain cloaks as they stood to listen to Garcia’s address.

Not all APEC leaders were convinced either that the crisis would be over by mid-2010.

“I think it would be premature to speculate on that kind of timeline,” Canadian Prime Minister Stephen Harper told reporters.

Mexican President Felipe Calderon said the timeframe was only an estimate.

“Dates that get mentioned in statements like this reflect the estimates worked out by different representatives of each government,” he said.

Dan Price, Bush’s adviser for the summit, said that Garcia had added the 18-month timeframe, reflecting the view of some in the region.

Price said he saw “very, very strong” sentiment at APEC to revive WTO talks by meeting a year-end deadline to find a solution on a key dispute between rich and developing nations.

“The conviction to get it done was unprecedented,” Price said.
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