G7 major powers to confer on markets crisis
Paris, August 6, 2011
Finance ministers and central bankers of the Group of Seven major industrialised nations will confer by telephone on turmoil in the financial markets later on Saturday or on Sunday, a senior European diplomatic source said.
The source said Friday's unprecedented downgrading of the US' credit rating by Standard & Poor's had added a global dimension on top of the euro zone's debt crisis, raising the need for international coordination.
"The G7 will confer by telephone. It's not yet confirmed whether it will be in one stage or in two stages, tonight and tomorrow," the source said.
French Finance Minister Francois Baroin, who would chair such a meeting under the French presidency of the G7 and G20, said in a radio interview it was too early to say whether there would be an early G7 meeting.
G7 finance ministers and central bankers were due to meet in early September in the French city of Marseille. – Reuters
More INTERNATIONAL NEWS Stories
- Taliban 'ready for Afghan peace talks'
- Assad says Europe will "pay price" if it arms rebels
- Putin faces isolation over Syria as G8 ups pressure
- US right to arm Syrian rebels, says Israeli president
- Putin, Obama face off over Syria issue
- 30 killed in Iraq car bombings
- Riot police patrol Istanbul ahead of ruling party rally
- US jets in Jordan fuel Russian fear of Syria no-fly zone
- Democrats blocking Obama's trade push
- UK urges G8 to close global tax loopholes