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Faith leaders: G20 must deal with 'greed' of financial system

The world's biggest grouping of churches has urged a "drastic transformation" of financial institutions, claimed that greed has become the basis for economic growth, and said that G20 leaders must build a new system based on ethical principles, reports Ecumenical News International.

"What we need are brave and new measures to correct this unjust and unethical system in order to prevent such a crisis from occurring once again," said the general secretary of the World Council of Churches, the Rev. Samuel Kobia, ahead of a 2 April summit in London of leaders from the Group of 20 leading economies.

"The need of the hour is to construct a system in which market forces are checked [not only] through ethical regulations and oversight but also by a framework of common values that sets clear limits to excessive and irresponsible actions based on greed."

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TAGS: Europe G20 financial system World Council of Churches ethical regulations

[03/31/2009]

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