The $8.42 trillion (£5.86 trillion) pledged by the developed nations to bailout their banks would be enough to end global poverty for 50 years, a new report has claimed on the eve of the G20 Summit in London.The study by Oxfam suggests a huge difference could be made to the world's poorest people if only a tiny fraction of the money was instead put towards providing an economic stimulus, social safety nets and health services for those affected by the economic crisis.

The charity has called for a $580 billion-a-year (£405 billion) package for world's poorer nations, including debt relief and a fulfilment of existing pledges to increase development aid.

Urgent action is also called for in cracking down on tax havens, which Oxfam claims deprives developing countries of hundreds of millions of pounds of tax revenue every year - much more than they receive in development aid.Barbara Stocking, Oxfam chief executive, said in a statement: "When you look at the amount of money that has been found for banks it seems inconceivable that G20 leaders will stand aside and allow the economic crisis to destroy poor people's lives.

"Developing countries are reeling from dramatic declines in trade, remittances and foreign investment. Rich governments whose policies contributed to the crisis have a responsibility to help those who cannot afford their own bailouts.

"Without urgent action, hundreds of millions of the world's poorest people will fall further into poverty. Losing your job is devastating wherever it happens but for millions people in poor countries, without benefits and health services to fall back on, unemployment will push them into destitution."Oxfam has also called for a reform of international financial institutions, including the IMF and World Bank, to give developing countries a "real say in the decisions that affect them".

Ms Stocking added: "We cannot return to the situation where the greed of the richest was allowed to take precedence over the needs of millions. G20 leaders have a real opportunity to take a significant step towards a fairer, more sustainable world."