Soros: G20 summit has "tremendous influence" on world economy

Fund Management Chairman George Soros makes a speech at the London School of Economics and Political Science in London, March 31, 2009. Soros Tuesday called on the Thursday summit of the Group of 20 Countries not to merely provide pious words and general principles, but to actually lay the foundation for concrete steps to stabilize the position of periphery countries.(Xinhua/Zhang Yuwei)

George Soros, the Hungarian-born U.S. billionaire, said on Tuesday that the upcoming G20 summit has "tremendous influence" on the world economy deeply affected by the financial crisis.

    The crisis, which first struck the United States and other developed countries, now have spread rapidly to east European states, as a result of globalization and deregulation of the financial market, Soros told a seminar here.

    "It is important that this G20 doesn't merely provide pious words and general principles," said Soros, "but actually lays the foundation for concrete steps to stabilize the position of periphery countries."

    He expected that the meeting will provide some "concrete results," adding "the capital of the International Monetary Found is certain to at least be doubled." 　

Soros Fund Management Chairman George Soros (L) talks with Howard Davies, director of the London School of Economics and Political Science, in London, March 31, 2009.(Xinhua/Zhang Yuwei)