G7 meeting begins
G7 began a meeting on how to respond to the global crisis ravaging the markets and banking system.
By Agencies |
WASHINGTON: The Group of Seven industrialized nations began a meeting Friday on how to respond to the global crisis ravaging the markets and banking system.
The meeting comes as Wall Street and European and Asian markets posted more heavy losses amid growing concerns that government measures to stem the crisis have so far failed to do the job.
Finance ministers and central bankers from the United States, Japan, Germany, Britain, France, Italy and Canada are trying to work out a common approach to tackling the crisis which stems from the collapse of the US subprime or higher risk home loan market.
As overextended US homeowners have defaulted, the banks have been left with a mounting pile of bad debt which first undercut their business and in the case of many led to bankruptcy, and a global credit crunch.
The meeting comes as Wall Street and European and Asian markets posted more heavy losses amid growing concerns that government measures to stem the crisis have so far failed to do the job.
Finance ministers and central bankers from the United States, Japan, Germany, Britain, France, Italy and Canada are trying to work out a common approach to tackling the crisis which stems from the collapse of the US subprime or higher risk home loan market.
As overextended US homeowners have defaulted, the banks have been left with a mounting pile of bad debt which first undercut their business and in the case of many led to bankruptcy, and a global credit crunch.
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