Business | General
G7 leaders vow cooperation to stabilise markets
Finance leaders from the world's richest nations pledged on Saturday to work together to stabilise world financial markets.
- Agencies
- Published: 10:09 February 9, 2008
Tokyo: Finance leaders from the world's richest nations pledged on Saturday to work together to stabilise world financial markets.
The Group of Seven finance ministers and central bank chiefs acknowledged that they all had a vested interest in shoring up the global financial system.
"Where coordinated action is found to be necessary, we will do all that is needed," said British finance minister Alistair Darling.
US Treasury Secretary Henry Paulson urged banks to take losses and raise capital quickly to stave off a credit crunch.
"The worst thing is if they don't raise capital, if they shrink their balance sheet and then restrain their lending," Paulson said in an interview with Japan's Nikkei newspaper.
Share this article
More from Business General
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Louvre, Golden Tulip hotel chains to expand in region
Dubai could host first establishment in 2010
-
Lending slows down in eurozone
Central Bank will this week announce revisions to liquidity-boosting measures
-
Global outcry over Dubai World restructuring is exaggerated
About 75 per cent of the $20b bond has already been subscribed
