Bush Says He'll Host Summit Soon on Financial Crisis (Update2)
By Roger Runningen and Gregory Viscusi
Oct. 18 (Bloomberg) -- President George W. Bush said he will host a summit on the global financial crisis in the ``near future'' and he is confident the world's nations will weather the breakdown in credit markets.
``For this meeting to be a success, we must welcome good ideas from around the world,'' Bush said as he welcomed French President Nicolas Sarkozy and European Commission President Jose Barroso to Camp David, the presidential retreat in rural Maryland, for dinner and three hours of talks.
The conference agenda will include ideas on how to prevent future crises in a way that preserves the free-market system, Bush said. ``It is essential we preserve the foundations of democratic capitalism,'' he said. He said leaders from both developed and developing nations would be included.
Sarkozy and Barroso, in separate statements, welcomed Bush's invitation.
``We want to work hand in hand with the Americans to create the capitalism of the 21st century,'' Sarkozy said. ``The meeting should be held rapidly, perhaps before the end of November. Since the crisis started in New York, maybe we can find the solution in New York.''.....