G20 leaders hammer out massive plan to tackle financial crisis, revive economy

POSITIVE REATION FROM MAJOR COUNTRIES

U.S. President Barack Obama called the London summit as "historical" and "a turning point" as "unprecedented and comprehensive" actions will be taken to revive the world economy.

United States President Barack Obama addresses a news conference at the end of the Summit of the Group of 20 Countries (G20) on world economy at ExCel exhibition center in London, April 2. (Xinhua/Zhang Yuwei)

Speaking at a press conference after the summit, Obama highly praised results of the meeting. The G20 have made enormous strides to improving financial regulation, but needs to reform failed regulatory systems and must put an end to bubble and bust economy.

French President Nicolas Sarkozy also expressed his satisfaction with the final results, while German Chancellor Angela Merkel called the results "a very good, almost historic compromise" that will give the world a clear financial markets architecture.

Dutch Prime Minister Jan Peter Balkenende told BBC that said it has been "a remarkable meeting" and the results "are extremely important."