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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.
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