White House dismisses idea of market suspension

Washington, Naples: The White House on Friday dismissed suggestions that US markets would be suspended so international financial rules could be rewritten amid the turmoil that has gripped markets for weeks.

"There are absolutely no plans or discussions to interfere with the functioning of markets in the United States," White House spokesman Tony Fratto said in response to a question about the idea raised by Italian Prime Minister Silvio Berlusconi.

The Italian leader, who is set to meet US President George W. Bush on Monday, later played down the idea.

In Naples, Berlusconi had said there is talk of suspending markets for a temporary period while the global financial crisis is sorted out, but there is nothing concrete in this idea yet.

Asked what European Union leaders might discuss if they meet in Paris this Sunday, he told a news conference: "There is talk of suspending markets for the time needed to rewrite (international finance) rules."

But he told reporters after the news conference: "Someone brought up this hypothesis but there is nothing concrete."