40 protesters arrested in Istanbul

Police on Monday detained 40 anti-globalization protesters who hurled coins and eggs at a hotel hosting a meeting of finance officials from the world's richest nations and major emerging economies.

The protesters, who gathered outside the downtown Hyatt Hotel, shouted ``No to globalized capitalism and the IMF'' before being detained, the Anatolia news agency reported.

Finance officials from the so-called Group of 20 - 19 countries including the United States, along with the International Monetary Fund and the World Bank - are meeting to prepare the agenda of a finance ministers meeting later this year. The meeting was apparently not disrupted by the protest.

Anti-globalization protesters believe that international financial institutions are saddling developing countries with debt payments and encouraging environmental destruction.

Under strict IMF guidelines, Turkey is carrying out an ambitious anti-inflation program.

Source: AP