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Obama seeks to reassure G20 on financial reforms

US President Barack Obama, vowed today to work with fellow G20 leaders next week to close gaps in financial regulations and insisted reckless schemes that yield "fat executive bonuses" could no longer be tolerated.

Five days before hosting a summit of the Group of 20 nations in Pittsburgh, Obama said steps taken since they last met in April in London had produced "real progress" toward breaking the back of the global economic crisis.

But Obama, in his weekly radio and Internet address, insisted that "stopping the bleeding isn't nearly enough."

"We know we still have a lot to do, in conjunction with nations around the world, to strengthen the rules governing financial markets and ensure that we never again find ourselves in the precarious situation we found ourselves in just one year ago," he said.


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