G7 vows to fight economic crisis

G7 vows to fight economic crisis

english.aljazeera.net

George Bush, the US president, and finance officials from the the Group of Seven industrialised countries (G7) have met in Washington for talks aimed at stemming the worst financial crisis in more than 50 years.

Bush announced that all present at Saturday's meeting agreed on the need for a "serious global response" to the financial crisis.

"All of us recognise that this is a serious global crisis and therefore requires a serious global response for the good of our people," he said.

"The United States has a special role to play in leading the response to this crisis.

"That's why I convened this morning's meeting here at the White House and it is why our government will continue using all the tools at our disposal to resolve this crisis."

The G7 had issued a five-point plan on Friday aimed at easing the global credit crisis, and pledged in a statement to take "decisive action and use all available tools'' to try to resolve the crisis.

Under the plan, the G7 said it would seek to protect major banks from collapse.

It would also work to get credit flowing, support banks in raising cash from both public and private sources, seek to further insure deposits of money and work to revive the beleaguered mortgage financing market.

Henry Paulson the US treasury secretary, said the US government would move "swiftly and thoughtfully'' to implement a rescue package.

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Headline: Please use the original story headline from your source.

[edit on 11-10-2008 by 12m8keall2c]

Basically. Everyone knows that the stock markets are pretty much "shot out." Everything seems to get worse with the economy and stock markets day by day. Prime example, these last two weeks. It seems as if things will continue to decline for quite a while.

However, with everyone freaking out about the economy and stock markets falling, have we asked ourselves what caused this? Seriously people, all of a sudden the stock markets crash? Really no explanation has been given to the public yet, other than our numbers. Which prove to show how deep we have really gotten ourselves into. So my question is, what started it all, and how did it crash all of a sudden?

Please share your opinions?

english.aljazeera.net
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