08 Aug '11, 1am

G7 vows to back financial stability

G7 vows to back financial stability

PARIS: Financial chiefs and central bankers of the G7 nations early Monday pledged to "take all necessary measures to support financial stability and growth" as nervous global markets re-opened. "We are committed to taking coordinated action where needed, to ensuring liquidity, and to supporting financial market functioning, financial stability and economic growth," a statement said as Asian markets reopened lower after a tumultuous weekend. "We are committed to addressing the tensions stemming from the current challenges on our fiscal deficits, debt and growth, and welcome the decisive actions taken in the US and Europe," it said. "The US has adopted reforms that will deliver substantial deficit reduction over the medium term. "In Europe, the Euro area Summit decided on July 21 a comprehensive package to tackle the situation in Greece and other countries facing financial ...

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

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