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Police in Turkey have used tear gas and water cannon to break up protests against a meeting of the World Bank and the International Monetary Fund.

Several hundred protesters shattered the windows of banks and a fast-food restaurant in Istanbul, reports say.

Dozens of arrests were made, and many shops in the city centre remain closed.

Delegates of the two organisations are holding their annual meetings, with co-operation in international finance reportedly high on the agenda.

"Long live freedom," chanted crowds of protesters, some of whom covered their faces with red scarves. "IMF get out of our city."

Shoe-thrower arrested

Shield-wielding riot police wearing gas masks erected barriers around the convention centre where finance ministers, central bankers and economists were meeting.

The protests were organised by several Turkish trade unions

Police helicopters hovered above the protests, which were organised by several Turkish trade unions.

A student was arrested last week for throwing a shoe at Dominique Strauss-Kahn, the IMF managing director, during a speech he gave at an Istanbul university.

The IMF is urgently discussing ways to make itself more representative of the new world order where developing countries make up nearly half of the world economy, but only have about one-third of the votes in the IMF.