Group of Seven finance chiefs have announced a plan of action to fight a global crisis with all available tools
Media Release
Oct. 11, 2008

"The G7 agrees today that the current situation calls for urgent and exceptional action," a statement released by the US Treasury said yesterday.

"We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth."

The plan states that the G7 would "take decisive action and use all available tools to support systematically important financial institutions and prevent their failure."

The communiqué was released after a meeting of finance ministers and central bankers of the United States, Germany, Japan, France, Britain, Italy and Canada in Washington.

US Treasury Secretary Henry Paulson, in a separate statement, said the G7 had "finalized an aggressive action plan to address the turmoil in global financial markets and the stresses on our financial institutions."

"This action plan provides a coherent framework that will direct our individual and collective policy steps to provide liquidity to markets, strengthen financial institutions, protect savers, and enforce investor protections," said Paulson, the architect of a USD 700-billion bank bailout passed by Congress last week.

Group of Seven finance chiefs have announced a plan of action to fight a global crisis with all available tools
Media Release
The G7 agrees today that the current situation calls for urgent and exceptional action...
READ MORE>>

US Stock market in third wave bear market can lose another 15% this week – S&P already down 2% even before Monday opening
Fred Day
Standard & Poor's 500 Index futures expiring in December fell 18.2 points...
READ MORE>>

European financial meltdown accelerates – one in three European bank can face run by end of the year
Sunny Chopra
The European banking system is about to collapse.
READ MORE>>

Why did stock market fall apart as the $700 billion painkiller was allowed through the catheter tube?
Joe Weinman
The stock market showed more gloom as the Congress passed the $700 billion rescue plan.
READ MORE>>

Financial meltdown now reaches German heartland – Europe shivering form American financial winter
Fred Day
The winter is yet to come. But the European financial sector is getting chilled...
READ MORE>>

Citibank’s easy takeover of Wachovia for pennies on the dollar with help of Paulson failed – Well Fargo unknowingly may have exposed the biggest corruption
Julia Sanse
Citigroup Inc., hobbled by $61 billion of subprime-related losses, now faces its biggest...
READ MORE>>

MORE ARTICLES >>