George Soros, the Hungarian-born US billionaire, said on Tuesday that the upcoming G20 summit has "tremendous influence" on the world economy deeply affected by the financial crisis.

The crisis, which first struck the United States and other developed countries, now have spread rapidly to east European states, as a result of globalization and deregulation of the financial market, Soros told a seminar.

"It is important that this G20 doesn't merely provide pious words and general principles," said Soros, "but actually lays the foundation for concrete steps to stabilize the position of periphery countries."

He expected that the meeting will provide some "concrete results," adding "the capital of the International Monetary Found is certain to at least be doubled."

(Xinhua News Agency April 1, 2009)