The United States has urged the G20 meeting of leading economies not to resort to currency devaluations to boost exports. As Sonia Legg reports a draft communique has given a gloomy assessment of the outlook for global growth
They came to show support for the people of Greece. And the Turkish Freedom and Solidarity Party made their point at the G20 leaders meeting loud and clear. (SOUNDBITE) (Turkish) PROTESTER AND CO-CHAIR OF FREEDOM AND SOLIDARITY PARTY, BILGE SECKIN CETINKAYA, SAYING: "They became the voice of the oppressed in Europe. They rejected their austerity plans, they represent the free will of the Greek people." The subject of Greece wasn't on any official agenda in Istanbul. But it did dominate the sidelines - with leaders well aware of the damage another euro zone debt crisis could cause. Low inflation and subdued growth are already big challenges for the G20 leaders. And doing, not just talking, was the aim this time, promised Turkey's Deputy Prime Minister Ali Babacan. (SOUNDBITE)(English) TURKISH DEPUTY PRIME MINISTER ALI BABACAN, SAYING: "This year we believe implementation should be one of the key words, because if we really do what we committed, if we delivered what we planned and programmed, we believe that the global economy will pick up even faster." Diverging monetary policies are one problem along with an ongoing currency war. U.S.Treasury Secretary Jack Lew had a warning for other key economies on that subject - don't resort to currency devaluations to boost exports he said. CIBC's currency strategist Jeremy Stretch. (SOUNDBITE) (English) HEAD OF CURRENCY STRATEGY CIBC, JEREMY STRETCH, SAYING: "It is a warning shot across the bow of some of those markets who are encouraging and adopting some fairly significant moves to try and cheapen up the currencies but I don't think we are at a scenario yet where the US are that seriously concerned about the strength of the dollar and the impingement of the US growth spurt." Many countries could do with one of those - but it doesn't look like they'll get one any time soon. The G20's overall assessment of the global economy was gloomy.