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NEWS ABOUT: Group of Seven

Geithner Gets Warmer Reception at G-8 Summit

(AP) - This was no Roman holiday for Timothy Geithner. But after crashing global markets with a botched rollout of a bank rescue plan, the new Treasury secretary earned better reviews from global finance officials meeting in Rome. Geithner appeared more assured at a news conference here following two days of G-8... More »

Emerging Economies Gain Clout in G-20

(Newser) - The plans outlined by global leaders at the meeting to deal with the financial crisis reflect a shifting balance of power, with emerging economies such as Brazil, India, and China gaining influence, the Washington Post reports. And the Europeans largely got what they wanted from the summit, French President Nicolas... More »

Bernanke: Stage Set for Recovery

Fear not, investors, Fed chairman insists

(Newser) - Americans face a historic financial crisis, but they needn’t worry because policy makers have responded in time, writes Ben Bernanke in today’s Wall Street Journal. “History teaches us that government engagement in times of severe financial crisis often arrives very late,” Bernanke says. “Fortunately, that... More »

Bush Vows Market Stability, IMF Warns of 'Meltdown'

(Newser) - President Bush and his allies tried to steady plunging markets today after meeting in Washington, but proposed no new plan, Reuters reports. International Monetary Fund chief Dominique Strauss-Kahn warned that the global economy was facing "systemic meltdown," but backed the G7's as yet undefined rescue plan, saying it... More »

US Will Buy Shares in American Banks

G7 agrees on 'aggressive action plan' after emergency finance meeting

(Newser) - Treasury chief Henry Paulson has announced plans to buy up shares in America's troubled banks, Reuters reports. The government will purchase equity in banks "as soon as possible," using some of the $700 billion approved by Congress to rescue the economy, Paulson said yesterday after a crisis meeting... More »

G7 Vows to Get a Grip on Financial Crisis

(Newser) - The finance ministers of the world's economic leaders vowed to stem the financial bleeding in international markets today after stocks plummeted yet again, Reuters reports. Reacting to pleas from investors, the IMF, and several other countries, the G7 reps pledged "urgent and exceptional action" to free up credit... More »

Bush: Recovery Will Take Time

But don't worry, we have acted and will continue to act

(AP) - The government's financial rescue plan is aggressive enough and big enough to work, President Bush said today, but it will take time to fully kick in. "Anxiety can feed anxiety and that can make it hard to see all that's being done to solve the problem," Bush said... More »

G-7 Leaders Offer No Fix for Credit Crisis

Ministers endorse more transparency, but not coordinated action

(Newser) - Group of Seven finance ministers ended 3 days of meetings in Washington yesterday by endorsing a plan to create greater transparency and oversight in financial markets to avert future crises, but no emergency measures to stem the current one. Despite a downbeat report on the likelihood of worldwide recession, and... More »

G-7 Ministers Talk Tough on Sliding Dollar

Strong words signal desire to keep dollar from the abyss

(Newser) - The Group of Seven's finance ministers are getting more aggressive about stopping the greenback's decline, the Wall Street Journal reports. In what counts as blunt words for the group, a statement yesterday expressed concern about the plummeting dollar's "possible implications for economic and financial stability." The change in... More »

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