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February 9, 2008

G7 Finance Ministers Pledge Joint Effort to Steady Global Markets
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http://enews.voanews.com/t?ctl=1B32FE4:A6F02AD83191E160393B54975853BAC6A13B8D4F2090AB2B& But finance leaders
say global economy faces growing threats from US credit and housing
problems Finance leaders from the world's wealthiest nations have
agreed to try to limit the impact of recent financial turmoil, but
they say the global economy faces growing threats from U.S. credit and
housing problems.







G7 finance ministers, central bank governors, IMF head pose for group
photo during meeting in Tokyo, 9 Feb 2008The world leaders from the
United States, Britain, Canada, France, Germany, Italy and Japan
warned during a Group of Seven meeting in Tokyo Saturday that the U.S.
economy may slow further, risking global growth. In a statement
following the meeting, they pledged to work together to secure
stability in volatile global markets.

The group stopped short of proposing concrete remedies to protect
global growth. But it urged oil-producing nations to boost output and
encouraged China to allow more flexibility in the value of its
currency, the yuan.

Finance leaders also called for investment in developing countries to
help them fight climate change. The group said it discussed a proposal
to provide financial support to developing countries to help them
address global warming.

Exchange rates are usually a prominent topic at G7 meetings, but the
current global economic downturn overrode that issue.

U.S. Treasury Secretary Henry Paulson says the global economy faces
downside risks that are "serious and persisting." After he met with
his counterparts from Britain, Canada, France, Germany, Italy and
Japan, Paulson issued a statement saying it will take time to work
through the financial turmoil. Some information for this report was
provided by AFP.


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