G7 finance crisis focus
Source: Agencies |
February 7, 2010, Sunday
|
Print Edition
Print Edition
A CRISIS in Europe over budget belt-tightening has upended global markets and seized the attention of Group of Seven finance leaders meeting in the Canadian Arctic.
Finance ministers and central bankers from the G7 major industrial countries also planned to try to settle differences yesterday on banking industry changes.
There are fears that go-it-alone action such as US President Barack Obama's plan to break up big banks will further hamper the world's fledging economic recovery.
Canadian Finance Minister Jim Flaherty hoped his choice of the remote town of Iqaluit, population 7,000, where temperatures can dip to 40 degrees below zero in February, would make officials focus on the task ahead.
The United States was represented by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. The G7 consists of the United States, Japan, Germany, Britain, France, Italy and Canada.
The agenda yesterday included developments in the global economy, banking reform and proposals for more debt relief for earthquake devastated Haiti.
The situation in Europe provided a sobering reminder that G7 policy makers still face major hurdles in repairing a broken global economy.
The Portuguese parliament's defeat of a government austerity plan on Friday triggered new concerns that it and other euro zone countries such as Greece and Spain were having trouble tightening controls to manage deficits.
Stocks fell at week's end in Asia and Europe, while the Dow Jones industrial average clawed back to a small gain after its largest single-day drop in seven months.
Finance ministers and central bankers from the G7 major industrial countries also planned to try to settle differences yesterday on banking industry changes.
There are fears that go-it-alone action such as US President Barack Obama's plan to break up big banks will further hamper the world's fledging economic recovery.
Canadian Finance Minister Jim Flaherty hoped his choice of the remote town of Iqaluit, population 7,000, where temperatures can dip to 40 degrees below zero in February, would make officials focus on the task ahead.
The United States was represented by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. The G7 consists of the United States, Japan, Germany, Britain, France, Italy and Canada.
The agenda yesterday included developments in the global economy, banking reform and proposals for more debt relief for earthquake devastated Haiti.
The situation in Europe provided a sobering reminder that G7 policy makers still face major hurdles in repairing a broken global economy.
The Portuguese parliament's defeat of a government austerity plan on Friday triggered new concerns that it and other euro zone countries such as Greece and Spain were having trouble tightening controls to manage deficits.
Stocks fell at week's end in Asia and Europe, while the Dow Jones industrial average clawed back to a small gain after its largest single-day drop in seven months.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
