Word is that the G20 summit is closing in on $1 trillion package of measures for the global economy. Nick Robinson breaks it down thus:
— Increased IMF funds: $500bn
— Increased IMF Special Drawing Rights: $250bn
— New Trade Finance package: $200bn
No it’s not the same sort of “fiscal stimulus” that Brown and Obama have been pusing for over the past few weeks, and I’m still curious about how how much of it will be “new” money. But it looks like Brown will achieve two of his main objectives: to come out of today claiming to have arranged something major, and to snare some nice headlines with big numbers in them. Stay tuned for more later.
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