G-7 Finance Ministers to try and stabilize markets


TOKYO (majirox news) — Finance ministers from the Group of Seven leading industrial nations will have a telephone conference Aug. 7 to devise stabilizing policies before Asian markets open Monday.

The ministers are hoping to produce a message that will calm down global markets, which plummeted last week in light of European sovereign debt worries and Standard & Poor’s dropping the credit rating of the United States for the first time in history.

Ministers from the world’s seven richest countries will confer by phone. The idea for the conference was proposed jointly by Italian Prime Minister Silvio Berlusconi and French President Nicolas Sarkozy

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