07 Aug '11, 10am

G20 holds emergency conference call

G20 holds emergency conference call

SEOUL: The Group of 20 major economies held an emergency conference call Sunday on the European debt crisis and the downgrading of the US sovereign rating, a South Korean official said. G20 deputy finance ministers participated in the teleconference early Sunday, Deputy Finance Minister Choi Jong-Ku said, declining to elaborate on what was discussed. The conference came after Standard & Poor's cut the US credit rating for the first time in history Friday, saying the country's politicians were increasingly unable to come to grips with its massive fiscal deficit and debt load. Choi said South Korea's confidence in US Treasuries has not changed despite Standard & Poor's move. "There will be no change in South Korea's foreign exchange reserves policy," he told Dow Jones Newswires. Choi's remarks came ahead of a meeting of policymakers from the Bank of Korea, the Ministry of St...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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