http://g8live.org G8 News and Analysis Fri, 21 Nov 2008 03:45:00 +0000 http://backend.userland.com/rss092 en WORLD leaders keep insisting that their first priority in dealing with the economic and financial crisis is to 'restore growth' - whether by monetary or fiscal means, or both. Yet, it will need stimulus on a truly massive scale to compensate for the colossal loss of real and paper wealth ... http://g8live.org/2008/11/20/g-20-leaders-must-face-up-to-period-of-contraction/ President Nicolas Sarkozy and former British prime minister Tony Blair will host a meeting in Paris in January to look at concrete ways to respond to the economic crisis, the French presidency said. The meeting on January 8 and 9 will be held ahead of a second G20 meeting scheduled for ... http://g8live.org/2008/11/20/sarkozy-blair-to-host-paris-meeting-on-world-economy/ TORONTO (AP) - Canada's Conservative government said Thursday that it will boost spending to help the economy recover from one of its biggest downturns since the Great Depression. Prime Minister Stephen Harper also told Parliament that Canada would join in any major international spending effort to stimulate the economy on the ... http://g8live.org/2008/11/20/canadian-government-promises-economic-stimulus/ WASHINGTON, Nov 20 (Reuters) - The Group of Eight major industrialized countries should be doubled to include Brazil, China and India and other nations to better tackle global challenges like climate change and economic stability, a blue chip panel said on Thursday. The panel, which included European Union foreign policy chief ... http://g8live.org/2008/11/20/g8-should-include-china-india-others-panel-says/ When Italy takes up the chair of the Group of Eight leading nations in January the context will be very different to that of its 2001 presidency. Back then, the G8 was dealing with the consequences of a unipolar international system. Come 2009, near the top of the agenda will ... http://g8live.org/2008/11/20/europe-must-act-as-one-on-the-world-stage/ The draft conclusions of the European Council of 15 and 16 October express the resolve of the heads of state and government “to take concerted and integrated action to protect the European financial system”. In short, the heads of state will spare no effort to establish a new corpus of ... http://g8live.org/2008/10/13/european-council-summit-to-build-strong-front-against-financial-crisis/ Group of Seven finance chiefs announced Friday a plan of action to fight a global crisis including the use of “all available tools” to support key institutions and prevent their failure. “The G7 agrees today that the current situation calls for urgent and exceptional action,” a statement released by the US ... http://g8live.org/2008/10/12/g7-announces-plan-of-action-for-finance-crisis/ Analysts say a global response from this weekend's Group of 20 (G20) meeting is crucial to addressing the financial crisis. The Australian sharemarket has fallen below 4,000 points for the first time since 2005, with investors gripped by recession fears. Members of the industrialised and emerging nations forum are gathering in Washington ... http://g8live.org/2008/10/12/g20-vital-to-easing-global-market-turmoil-global-turmoil/ Global financial leaders meeting in Washington have played down expectations for a quick fix for the maelstrom in world markets, as a violent stock selloff intensified and worries grew about bank failures. The Group of Seven finance chiefs were studying a set of joint principles and steps to tackle the financial ... http://g8live.org/2008/10/11/as-stocks-bleed-g7-plays-down-quick-fix/ Wall Street has been on another roller coaster ride, closing in the red again. The volatile Dow Jones Industrial Average traded within a one thousand point range, its widest ever. On opening, it plunged almost 700 points, rose more than 300 before closing down 128 to 8,451. It was also a Black ... http://g8live.org/2008/10/11/dow-takes-another-bath-trading-within-its-largest-ever-range-finishing-128-points-in-the-red-g7-leaders-issuing-communique/ “The global economy is in its fifth year of robust growth,” began the statement from Alistair Darling and his fellow finance ministers from the G7 rich nations in October 2007. Sure, the credit crunch was already biting and Northern Rock was hooked up to government life support, but the men ... http://g8live.org/2008/10/11/g7-summit-a-weekend-to-save-the-world/ Finance ministers from the G7 knew what they had to do when they met last night: come up a rescue plan for the global system which would be simple, decisive, co-ordinated and swift. And, unlike any of the other plans over the past 14 months, it must be effective. Faced with ... http://g8live.org/2008/10/11/g7-ministers-forced-to-think-the-unthinkable-world-leaders-consider-options-to-avert-financial-meltdown/ Panicked investors yesterday pushed the index of Britain’s top 100 companies to a four-year low as fears took hold that politicians had lost control of the worsening bank crisis. Brokers said concerns continued to plague the markets that individual efforts by G7 governments were proving haphazard and shares would fall as ... http://g8live.org/2008/10/11/market-losses-fear-takes-over-from-reason-as-traders-see-no-end-to-turmoil/ A crisis meeting of finance ministers and central bank governors from the west’s seven leading economies was last night considering joint action to bail out banks amid fears that a fresh wave of panic had pushed the global financial system to the brink of collapse. Alistair Darling was urging his G7 ... http://g8live.org/2008/10/11/race-for-a-global-rescue-plan-darling-urges-g7-leaders-to-copy-uk-bank-bail-out-markets-plunge-again-in-day-of-frantic-trading-government-may-be-forced-to-take-50-stake-in-rbs/ Strategy and Finance Minister Kang Man-soo will attend a meeting of G20 finance ministers, talks with the Japanese finance minister, and the annual meetings of the World Bank and International Monetary Fund in Washington Friday through Monday. Attention is focused on if Asia’s top three economies — Japan, China and Korea ... http://g8live.org/2008/10/11/china-japan-seek-bigger-role-in-asian-fund/ The global credit crisis is spinning out of control and there is no end in sight. Yesterday was another dark day for financial markets. Virtually all the world’s major indexes took another steep plunge. With fear in the air, investors panicked. The Hang Seng Index fell more than 7 per cent ... http://g8live.org/2008/10/11/a-world-in-crisis-needs-a-new-global-order/ The world’s top economic powers hoped that a guarantee to take action on the financial crisis would be enough to stop a global sell-off in stocks as they kicked off a meeting at the US Treasury on Friday. But finance ministers and central bank heads from the Group of Seven (G7) ... http://g8live.org/2008/10/11/g7-ministers-aim-to-boost-confidence-in-financial-sector/ Malcolm Turnbull is demanding the Federal Government guarantee bank deposits up to $100,000 and inject $6 billion more into the non-bank mortgage sector to instil greater confidence in Australia’s financial system. As Treasurer Wayne Swan travelled to Washington to join other G20 finance ministers at a crisis meeting, the Liberal leader ... http://g8live.org/2008/10/11/protect-bank-deposits-to-100000-turnbull/ Federal Treasurer Wayne Swan said on Friday that the reforms proposed by the International Monetary Fund to ease the global financial crisis would be best implemented by the G20 group of nations as they would provide political authority to have this agenda implemented urgently and comprehensively.’ Mr Swan’s comments are ... http://g8live.org/2008/10/11/australia-pushes-g20-as-global-cure/ Interbank lending has contracted in the past two days despite the dramatic measures taken by European governments and central banks this week, giving rise to fears of an economic recession in Britain and major European economies. Tensions have been growing within the European Union as governments disagree over the need ... http://g8live.org/2008/10/11/fear-of-worse-to-come-as-system-teeters/ Russia’s financial regulator again ordered the country’s two main stock markets to remain closed The extended plunge comes despite the trillions of dollars being thrown at banking systems around the world and a coordinated round of interest rate cuts. But Prime Minister Kevin Rudd described the global response to the ... http://g8live.org/2008/10/11/russia%e2%80%99s-financial-regulator-again-ordered-the-country%e2%80%99s-two-main-stock-markets/ The weekend meeting is the best chance for a co-ordinated approach that restores global trust FRANKLIN D. Roosevelt’s statement from his 1933 inaugural address, in the midst of the Great Depression, would be a useful theme for this weekend’s G7 and G20 meetings in Washington: “The only thing we have to ... http://g8live.org/2008/10/11/g20-leaders-must-lift-confidence/ Washington FINANCE ministers and central bank governors from around the world were gathering in Washington overnight to consider further steps to avert global financial meltdown, as the US Treasury draws up plans to shore up American banks with direct cash injections. US President George W. Bush will host ministers from Britain, ... http://g8live.org/2008/10/11/us-banks-to-get-billions-%e2%80%94-g7-finance-ministers-seek-new-firewall-to-stem-crisis-%e2%80%94-the-long-slow-crash-of-%e2%80%9808/ TREASURER Wayne Swan spent yesterday took an up close look at the the chaos on Wall Street. Mr Swan met with financial market participants from major Wall Street institutions and will take part in an emergency meeting of finance ministers from the G20 group of leading economies in Washington this weekend. “In ... http://g8live.org/2008/10/11/treasurer-studies-chaos-on-wall-street-%e2%80%94-riding-out-the-financial-storm/ WASHINGTON (Dow Jones)—The German government will announce measures to prop up the country’s ailing financial-market sector before markets open Monday, Finance Minister Peer Steinbrueck said Friday. Speaking after the meeting of the Group of Seven finance ministers and central bank officials in Washington, he repeated that Germany opposes setting up a ... http://g8live.org/2008/10/11/german-fin-ming7-pledge-to-systemic-bks-rescue-far-reaching/ The US government will move ahead with a plan to buy stock in financial institutions, US Treasury Secretary Hank Paulson said. The move was announced after a meeting of the G7 finance ministers, including UK chancellor Alistair Darling, in Washington. The programme to purchase stock in the financial institutions will be open ... http://g8live.org/2008/10/10/us-to-buy-stock-in-financial-institutions/ WASHINGTON, Oct 10 (Reuters) — This weekend may signal a turning point for emerging market economies as financial leaders from the world’s richest nations gather in Washington to discuss ways to contain the worst financial crisis since the 1930s, Merrill Lynch economists said on Friday. “Emerging markets are now the world’s ... http://g8live.org/2008/10/10/weekend-may-be-a-%e2%80%9cturning-point%e2%80%9d-for-g20-merrill-lynch/ WASHINGTON (Dow Jones)—U.S. Treasury Secretary Henry Paulson said Friday that financial market volatility will likely continue for “a while,” but that the Group of Seven’s action plan should restore investor confidence. “There is every reason for people around the world to be confident,” Paulson said in a briefing following the meeting ... http://g8live.org/2008/10/10/tsy-paulson-no-g7-disagreement-on-5-points/ WASHINGTON, Oct 10 (Reuters) — The world’s rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession. In a surprisingly brief statement following a 3-1/2 hour meeting, ... http://g8live.org/2008/10/10/g7-vows-to-fight-credit-crunch-but-details-sketchy/ WASHINGTON (Dow Jones)—Agreeing that the global credit crunch requires “urgent and exceptional action,” the Group of Seven leading industrial nations Friday pledged to stabilize markets and prevent systemically-important financial companies from collapse. Specifically, G7 finance ministers and central bankers agreed to “use all available tools to support systemically important financial institutions ... http://g8live.org/2008/10/10/g7-sees-need-for-urgent-exceptional-action-on-crisis/ WORLD MARKETS The mother of all crashes Despite the Wall Street rescue plan getting the go-ahead, contagion is engulfing Europe and a global recession looms large. The fallout for the real economy will be significant; emerging markets will not be immune WHAT IT MEANS Demand grows for G7 interest rate ... http://g8live.org/2008/10/10/the-mother-of-all-crashes/ WASHINGTON (Dow Jones)—U.S. Treasury Secretary Paulson said he and his Group of Seven counterparts had agreed to an “aggressive” plan to deal with a financial turmoil that has quickly ballooned into a “global event.” “The G7 is compelled to robust international partnership and cooperation,” said Paulson in prepared remarks for a ... http://g8live.org/2008/10/10/dj-tsy-paulson-g7-compelled%e2%80%99-to-cooperate-globally-on-crisis/ WASHINGTON, Oct 10 (Reuters) — Following is the text of a statement on the foreign exchange markets from the financial leaders of th Group of Seven — United States, Canada, Japan, Britain, Germany, France and Italy. “We reaffirm our shared interest in a strong and stable international financial system. Excess volatility ... http://g8live.org/2008/10/10/text-g7-statement-on-exchange-rates/ WASHINGTON, Oct 10 (Reuters) — Group of Seven financial officials said on Friday that they would work together to do everything necessary to free up credit and money markets, saying the current situation called for urgent and exceptional action. The group was meeting ahead of an Oct. 11-13 gathering of finance ... http://g8live.org/2008/10/10/highlights-g7-leaders-comments-after-meeting/ NEW YORK (Dow Jones)—If turmoil from a global financial crisis persists next week, the safe-haven dollar may have nowhere to go but up, even though a decline in the U.S. currency against the euro is well overdue after the buck’s big gains recently. Analysts were hoping that what the Group of ... http://g8live.org/2008/10/10/forex-view-dollar-decline-overdue-but-unlikely/ Europe struggles to show united front Fresh doubts over the commitment of the world’s richest nations to work together to tackle the financial crisis emerged yesterday as France and Germany voiced concern about a key part of a British plan to restore confidence in the banking system. Paris said it would not ... http://g8live.org/2008/10/10/rebuff-for-british-bank-lending-proposal-highlights-g7-divisions/ Britain will today urge other Group of Seven countries to adopt a comprehensive approach to fend off “financial collapse”, including requiring the International Monetary Fund to act as an early warning system for impending global shocks. Alistair Darling, chancellor of the exchequer, writes in today’s Financial Times that he has taken ... http://g8live.org/2008/10/10/brown-presses-capitals-to-follow-his-lead/ When finance ministers of the world’s seven richest nations gather in Washington today, they hope to send the message that they are united in fighting the worst financial crisis in almost a century. Yet while the world’s central banks showed they could act swiftly and in concert by jointly cutting interest ... http://g8live.org/2008/10/10/actions-betray-g7-talk-of-unity/ US Treasury Secretary Henry Paulson said Friday that the Group of Seven industrialized countries had agreed an “aggressive” plan to tackle the crisis roiling the global markets. “We finalized an aggressive action plan to address the turmoil in global financial markets and the stresses on our financial institutions,” Paulson said after ... http://g8live.org/2008/10/10/paulson-says-g7-crisis-plan-%e2%80%98aggressive%e2%80%99/ NEW YORK (Dow Jones)—The bond market is going to have its work cut out for it when it reopens for business Tuesday, and investors will certainly look to developments in Washington over the weekend for clues on how to trade. Late Friday, the Group of Seven leading industrial nations meeting in ... http://g8live.org/2008/10/10/focus-on-washington-as-financial-woes-persist/ THE EVENT: Finance ministers and central bank governors from the Group of Seven leading industrial nations met Friday in Washington, ahead of the weekend’s annual meetings of the International Monetary Fund and World Bank. THE SITUATIONS: The G7 is discussing whether to say that no bank of systemic importance should be allowed ... http://g8live.org/2008/10/10/at-a-glanceg7-mulling-ways-to-restore-mkt-confidence-source/ WASHINGTON (MNI) — Nothing focuses minds like impending catastrophe, and faced with a complete unravelling of the international financial system and a protracted worldwide economic downturn, internal pressure is building for the Group of Seven to agree Friday on something more than their usual verbose and nebulous communique. There is a ... http://g8live.org/2008/10/10/insight-g7-could-agree-on-bold-plan-to-recapitalize-banks/ WASHINGTON (MNI) — As finance ministers and central bankers of the Group of the Seven richest nations are about to meet, France Finance Minister Christine Lagarde is “very much” hoping for coordination to address the world economic and financial crisis. The financial crisis, “precipitated” by Lehman Brothers’ bankruptcy, requires the use ... http://g8live.org/2008/10/10/france-finmin-lagarde%e2%80%99very-much-hope%e2%80%99-for-coordination-at-g7/ LONDON (MNI) — UK Chancellor of the Exchequer Alistair Darling said today that the Group of Seven Finance Ministers had to “get on with” measures to stabilise the world financial system, saying that they already knew what needed to be done. Speaking on CNN TV, Darling said: “We have talked about ... http://g8live.org/2008/10/10/uk-darling-g7-must-%e2%80%9cget-on-with%e2%80%9d-stabilisation-action/ WASHINGTON (Dow Jones)—A senior European policymaker said Friday that it makes sense to extend discussions about the global financial crisis beyond the Group of Seven leading industrial nations. While the G7 nations ‘are paramountly important’ to deal with the global financial crisis, it makes sense to include other groups, Jean-Claude Juncker, ... http://g8live.org/2008/10/10/dj-eu-junckermakes-sense-to-extend-fincl-crisis-talks-beyond-g7/ WASHINGTON (Dow Jones)—The Group of Seven leading industrial nations is discussing whether to say that no bank of systemic importance should be allowed to fail in its final statement, as well as mulling ways to restore confidence on largely frozen interbank markets, a European G7 official told Dow Jones Newswires ... http://g8live.org/2008/10/10/dj-g7-mulls-saying-no-systemically-important-bk-can-fail-source/ The Group of Seven industrialized nations was meeting Friday under intense pressure to find common ground in efforts to tame the global crisis ravaging the markets and banking system. The major industrial powers have already pumped massive amounts of liquidity into the credit money markets in an effort to free up ... http://g8live.org/2008/10/10/g7-meet-under-pressure-to-find-common-ground-on-crisis/ NEW YORK (Dow Jones)—This is a gigantic weekend for the world’s financial markets and its economies. Their future lies in the hands of the political leaders gathering in Washington, D.C., for the meeting of the Group of Seven leading industrialized nations and the annual meeting of the International Monetary Fund. Yes, that’s ... http://g8live.org/2008/10/10/point-of-view-weekend-action-from-g7-absolutely-crucial/ As Germany Friday, Oct. 10 stepped up diplomatic pressure to regulate financial markets under an eight-point plan, Berlin denied it had plans to nationalize commercial banks. However, Berlin may inject equity into troubled German banks, its two top financial officials signaled as they arrived in Washington for Group of Seven (G7) ... http://g8live.org/2008/10/10/germany-steps-up-pressure-for-bank-regulation/ President Bush made a public appeal for trust that the US could cut through the “uncertainty and fear” of the the financial crisis today. He acknowledged the markets meltdown was a worldwide problem and that his meeting with the G7 finance ministers tomorrow was vital. “The world is sending an unmistakable signal: ... http://g8live.org/2008/10/10/bush-promises-to-solve-financial-crisis/ WASHINGTON (Dow Jones)—Finance ministers and central bank officials from leading industrialized nations have kicked off a critical meeting at the U.S. Treasury Department to discuss ongoing turmoil in the financial markets and measures to stem a crisis that has rapidly spread around the globe. International stock markets have plummeted this week ... http://g8live.org/2008/10/10/g7-meeting-has-started-at-us-treasury-department/ ROME, Oct 10 (Reuters) — Italy will not sign a G7 draft statement as it stands because it does not contain strong enough commitments to address the global financial crisis, Economy Minister Giulio Tremonti said on Friday. “We see a text that is written in the old style, as if nothing ... http://g8live.org/2008/10/10/italy-won%e2%80%99t-sign-g7-draft-statement-as-stands/ The Group of Seven industrialized nations is studying a set of joint principles and steps to tackle the financial crisis, including a commitment that no major bank would be allowed to fail, a European source said on Friday. “We are working on establishing a (response) at the global level,” the source ... http://g8live.org/2008/10/10/g7-studying-statement-of-common-principles-on-crisis-source/ Alistair Darling to tell crisis meeting in Washington to follow British blueprint after failure of country-by-country rescue plans A crisis meeting of finance ministers and central bank governors from the west’s seven leading economies is considering joint action to bail out banks amid fears that a fresh wave of panic had ... http://g8live.org/2008/10/10/g7-urged-to-take-joint-action-to-avoid-collapse-of-financial-system/ LONDON (AP) — Lending between banks remained abnormally expensive on Friday despite emergency help from central banks, keeping the world financial system on life support and leaving markets to look for more sweeping rescue measures from the G7 meeting this weekend. Interbank lending rates have shot through the roof in recent ... http://g8live.org/2008/10/10/libor-rate-shows-system-distress/ Brussels, 09/10/2008 (Agence Europe) — Following the concerned action by the big international central banks on interest rates, financiers and central bankers from the main industrialised and emerging countries are seeking to coordinate their action a little further, during the G20 meeting on Saturday 11 October in Washington. The G20 ... http://g8live.org/2008/10/10/eu-eueconomy-g20-meeting-counts-on-curbing-crisis/ LONDON, Oct 10 (Reuters) — Global finance ministers and central bankers meet in Washington at the G7 and the International Monetary Fund this weekend to discuss a response to the global financial crisis. A coordinated approach by the world’s major economies to strengthen the banking sector is urgently needed to stop ... http://g8live.org/2008/10/10/scenarios-how-can-policymakers-halt-the-financial-carnage/ MARK COLVIN: The risk analyst and author Satjayit Das was one of the cassandras who warned of the risk of this calamitous meltdown. He says the final hope of avoiding utter chaos rests with the meeting in Washington this week of finance ministers and central bankers from the G20 group of ... http://g8live.org/2008/10/10/final-hope-lies-with-g20-risk-analyst-final-hope-lies-with-g20-meeting-risk-analyst-says/ OECD CANBERRA, Oct 10 AAP - Treasurer Wayne Swan says the OECD is supportive of Australia's long-term economic agenda and plans for comprehensive taxation reform. Speaking from Washington, ahead of a G20 crisis meeting for finance ministers, Mr Swan welcomed the organisation's Economic Report for Australia released today, which highlighted its ... http://g8live.org/2008/10/10/fed-oecd-supportive-of-govts-economic-reforms-treasurer/ ELEANOR HALL: The head of the International Monetary Fund has called for further coordinated action from world leaders but already governments have injected trillions of dollars, the world's central banks have made unprecedented coordinated interest rate cuts and still the global economy is plunging further into crisis. So what more can ... http://g8live.org/2008/10/10/experts-debate-way-out-of-economic-brink-listen-to-john-hewson-and-a-senior-imf-official-discuss-how-to-arrest-the-global-financial-crisis/ CANBERRA, Oct 10 Asia Pulse — Australian Treasurer Wayne Swan hopes the finance ministers of the world’s leading 20 economies can find a solution to the global financial crisis that so far has eluded G7 nations. Mr Swan is also using a trip to the US to press the case for ... http://g8live.org/2008/10/10/australian-tres-hopes-g20-can-achieve-something-where-g7-failed/ US President George Bush has called for global co-ordination to battle the world economic meltdown and scheduled weekend crisis talks with finance ministers from major wealthy democracies. Speaking after meeting at the White House with Slovak President Ivan Gasparovic, Bush told reporters: “I assured him that the United States will take ... http://g8live.org/2008/10/10/bush-g7-to-hold-crisis-talks/ With anxiety still high in markets, US authorities raised the prospect of direct capital injections into troubled banks and Europe’s central bank opened up an unlimited cash lifeline. But finance officials from around the world were bickering ahead of a key gathering in Washington, and the International Monetary Fund called for ... http://g8live.org/2008/10/10/world-finance-officials-bicker-before-g7/ CRISIS CANBERRA, Oct 10 AAP — Treasurer Wayne Swan is using a trip to the US to press the case for rebuilding confidence in global financial markets and Australia’s proposals to reform regulatory systems. Mr Swan has met financial market participants from major Wall Street institutions and will take part in ... http://g8live.org/2008/10/10/swan-in-the-us-pressing-the-case-for-financial-reform/ AN EMERGENCY meeting of the G20 group of nations has been called in Washington this weekend in a fresh bid to find answers to the international financial crisis. Treasurer Wayne Swan, who is already in America, will represent Australia at the gathering of G20 finance ministers, which will be addressed by ... http://g8live.org/2008/10/10/emergency-g20-summit-called-as-battered-markets-seek-answers/ CANBERRA, Oct 10 Asia Pulse — Australian Prime Minister Kevin Rudd has described as “uncoordinated” the global response to the international financial crisis. He is hoping an emergency meeting of finance ministers — including Treasurer Wayne Swan — from the G20 group of leading economies in Washington this weekend will address ... http://g8live.org/2008/10/10/australian-pm-laments-%e2%80%9cuncoordinated%e2%80%9d-approach-to-credit-crisis/ Evian. OREANDA-NEWS . October 8, 2008. During a working breakfast, Mr Medvedev and Mr Sarkozy discussed in detail the situation on the world financial markets and possible collective measures for decisions within the G8 and other international groups to overcome the global financial crisis. The two Presidents also examined a number ... http://g8live.org/2008/10/09/dmitry-medvedev-met-with-president-of-france-nicholas-sarkozy/ ROME, Oct 9 (Reuters) — U.S. President George W. Bush proposed holding an extraordinary summit of the Group of Eight leaders next Tuesday, Italy’s Silvio Berlusconi said, but the White House said no meeting had been scheduled for then. “As we have said, the president (George W. Bush) is open to ... http://g8live.org/2008/10/09/update-1-no-date-yet-for-possible-g8-summit-us/ VICTORIA — Stephen Harper has thrown his weight behind a proposal by French President Nicolas Sarkozy to hold a G8 summit on the global financial crisis before the end of the year. Mr. Harper said Finance Minister Jim Flaherty will relay Canada’s support to his G8 counterparts when they meet tomorrow ... http://g8live.org/2008/10/09/canada-supports-g8-summit-on-economy-harper-says-on-vote-tory-leader-says-he%e2%80%99d-be-happy-with-%e2%80%98any-mandate%e2%80%99/ The two Democratic leaders of Congress called Thursday on US President George W. Bush to convene a summit of G8 leaders to try to resolve the financial crisis. In a joint statement, House Speaker Nancy Pelosi and Senate majority leader Harry Reid said: “The American people and the world are looking ... http://g8live.org/2008/10/09/democratic-leaders-urge-bush-to-call-g8-crisis-summit/ WASHINGTON (MNI) — There is a good reason presidents aren’t invited to the G7 meeting. After all, heads of state have their own G8 mechanism and deal with energy, trade and the environment while the G7 members stick to their narrow expertise — except when the world of staying fed ... http://g8live.org/2008/10/09/bush-wants-to-scramble-the-gs-%e2%80%94-g7-on-sat-maybe-g8-later-%e2%80%94and-don%e2%80%99t-forget-g-20/ WASHINGTON (Dow Jones)—Senate Majority Leader Harry Reid, D-Nev., and House Speaker Nancy Pelosi, D-Calif., on Thursday urged President George W. Bush to call an emergency meeting of the Group of Eight heads of state to address the “continued instability in world financial markets and the freeze in global credit.” Finance ministers ... http://g8live.org/2008/10/09/dj-reid-pelosi-urge-bush-to-call-emergency-g8-mtg-on-fincl-mkts/ SEOUL (Dow Jones)--South Korea's finance minister will visit Washington Oct. 11-13 to attend the International Monetary Fund's annual meeting and seek multilateral cooperation to deal with the global financial turmoil, the Ministry of Strategy and Finance said Friday. "The minister Kang Man-soo will attend the International Monetary Fund/World Bank meeting, the ... http://g8live.org/2008/10/09/s-korea-to-seek-global-cooperation-on-fincl-crisis-at-imf-mtg/ Finance Minister Jim Flaherty said Wednesday that his government has taken “strong action” to ease the impact of the financial crisis facing countries around the world, adding that “the savings of Canadians are secure.” Speaking in Toronto ahead of this week’s meeting of G7 finance ministers in Washington, Flaherty added that ... http://g8live.org/2008/10/09/finance-minister-says-canadian-savings-%e2%80%98secure%e2%80%99-flaherty-vows-no-government-deficit-during-economic-crunch/ The turmoil in financial markets shows no sign of abating. The sweeping cuts in interest rates by central banks yesterday, as the UK took the historic step of part-nationalising its biggest banks to bolster their shattered balance sheets, failed to calm investors’ nerves. To restore confidence in the banking system and ... http://g8live.org/2008/10/09/how-to-build-on-the-rate-cuts-g7-must-aid-market-confidence-with-co-ordinated-plan/ Prime Minister Gordon Brown urged world governments Friday to follow Britain in its “ground-breaking” moves to shore up the banking system, as officials from the G7 richest nations prepared to meet. In an article in The Times newspaper, the premier called on other countries to put money into struggling banks and ... http://g8live.org/2008/10/09/brown-urges-world-to-follow-britain-ahead-of-finance-meeting/ The dollar firmed Thursday against the euro on the eve of a meeting of Group of Seven finance chiefs, with nervous investors focused on global financial turbulence that has markets reeling. The euro was at 1.3590 dollars around 2100 GMT, down from 1.3663 dollars late Wednesday. The dollar was trading at 99.50 ... http://g8live.org/2008/10/09/dollar-gains-against-euro-ahead-of-g7-meeting/ Promising “we’ll get through this,” US President George W. Bush on Thursday scheduled weekend global economic crisis talks at the White House with finance ministers from major wealthy democracies. He was also due to make a high-profile public statement on Friday to soothe upheaval on financial markets and reassure a fearful ... http://g8live.org/2008/10/09/bush-g7-finance-ministers-to-hold-crisis-talks/ WASHINGTON, Oct 9 (Reuters) — Italy’s package of measures to tackle financial turmoil is among the most complete of any government response and means it can deal with any crisis its banks may suffer, a senior Bank of Italy official said on Thursday. Ignazio Visco, a member of the BOI’s executive ... http://g8live.org/2008/10/09/italy-%e2%80%9ccan-tackle-any-bank-crisis%e2%80%9d-cenbank%e2%80%99s-visco/ WASHINGTON (Dow Jones)—As pressure mounts on world leaders to take stronger action to contain the economic crisis, U.S. President George W. Bush will meet with finance ministers from the Group of Seven countries Saturday morning at the White House. “The president will have the opportunity to hear directly from the finance ... http://g8live.org/2008/10/09/bush-to-meet-g7-finance-mins-at-white-house-sat/ LONDON (Dow Jones)—Finance ministers from the Group of Seven leading industrial nations meeting in Washington D.C. this weekend must embrace a “concrete plan” to support the financial system, a group of prominent economists said in papers published Thursday. “There is a need for urgent action. The policy response needs to be ... http://g8live.org/2008/10/09/dj-leading-economists-urge-concrete-g7-action-on-fincl-crisis/ WASHINGTON, Oct 9 (Reuters) — Emerging-market economies face their biggest challenge in a decade as G7 finance ministers gather this weekend in Washington to discuss ways to prevent a devastating financial crisis from snowballing into developing countries. Leaders from Brazil, Russia, India and China, among others will pressure the world’s richest ... http://g8live.org/2008/10/09/perfect-storm-hits-emerging-markets-as-g7-meets/ US President George W. Bush on Saturday will hold economic crisis talks with finance ministers from key wealthy countries and the heads of the IMF and the World Bank, the White House said Thursday. “Saturday morning, President Bush will welcome the G7 finance ministers to the White House,” spokeswoman Dana Perino ... http://g8live.org/2008/10/09/bush-to-welcome-g7-finance-ministers-saturday/ OTTAWA, Oct 9 (Reuters) — The Canadian government sees no need to bail out its banks, but it said on Thursday it is looking at ways to ease “severe restrictions” in lending and it also called for a second G7 finance ministers meeting. “I have concerns about the availability of credit,” ... http://g8live.org/2008/10/09/canada-says-banks-need-funds-seeks-new-g7-talks/ OTTAWA, Oct 9 (Reuters) — Finance ministers of the Americas will hold separate talks in Washington on Saturday in addition to the G7 and International Monetary Fund talks this weekend, Finance Minister Jim Flaherty said on Thursday. “While the turbulence originated in the United States, its impacts have now spread throughout ... http://g8live.org/2008/10/09/canada-says-americas-finance-ministers-to-meet/ Japan said Thursday it was ready to raise South Korea’s worries about its tumbling currency at an upcoming meeting of the Group of Seven finance chiefs in Washington. The South Korean won plunged to a 10-year low against the dollar on Wednesday, although it was slightly up in afternoon trade Thursday ... http://g8live.org/2008/10/09/japan-says-ready-to-bring-up-skorean-won-at-g7/ The central bank chiefs and finance ministers of 19 nations, including the United States, Europe’s biggest economies, and China, India and Russia, are set to hold a crisis meeting in Washington on Saturday. The impromptu meeting of the so-called G20 group, which will be held in the Washington headquarters of the ... http://g8live.org/2008/10/09/g20-leaders-to-meet-over-credit-crisis/ CRISIS Mr Rudd said federal Treasurer Wayne Swan would attend a special meeting of G20 finance ministers in Washington on Saturday to discuss the crisis. Mr Swan has arrived in the United States for meetings of the IMF and the World Bank. Australia had been arguing that the G20 was the appropriate ... http://g8live.org/2008/10/09/fed-rudd-holds-firm-on-global-credit-crisis/ ST. PETERSBURG, October 2 (Itar-Tass) —— Without plugging all key economic players, including the BRIC group of countries, into the G8 creation of a new financial architecture of the world would be impossible, Russian President Dmitry Medvedev said at a joint news conference with Germany’s Chancellor Angela Merkel at the ... http://g8live.org/2008/10/02/all-key-players-must-be-plugged-into-g8-%e2%80%94-medvedev/ GERMAN prosecutors dropped investigations of anti-capitalist activists on Thursday which were launched during massive police raids before last year’s G8 summit in Heiligendamm. Hamburg prosecutors said that they had found no evidence to justify continuing the cases against 18 left-wing activists who police claimed had formed a “terrorist organisation” to sabotage ... http://g8live.org/2008/10/02/police-drop-probe-of-german-leftwingers/ Brussels, 01/10/2008 (Agence Europe) — The crisis may be put down to past excesses, but the impact of current adjustments will probably last for a long time yet. “I believe that we still have many months to go before we can say that all our problems have been resolved,” said ... http://g8live.org/2008/10/02/eu-eueconomy-european-g8-countries-meeting-in-paris-on-saturday-to-try-to-find-response-to-financial-crisis/ OTTAWA -- The Group of Seven economic powers issued a joint statement of mutual support early Monday, but most of the G7 countries seemed content to let the United States do the heavy lifting in resolving the global financial crisis. “We reaffirm our strong and shared commitment to protect the integrity ... http://g8live.org/2008/09/22/g7-content-to-let-us-do-the-heavy-lifting/ UNITED NATIONS, Sept. 22 (Xinhua) -- UN Secretary-General Ban Ki-moon, in remarks at the high-level meeting on Africa's development needs on Monday, urged donor countries to implement their 2005 pledge to double their aid to Africa. "I appeal to all donors to implement the 2005 Gleneagles summit to more than double ... http://g8live.org/2008/09/22/un-chief-urges-donor-countries-to-honor-pledge-to-double-aid-to-africa/ BERLIN, Sept. 22 (Xinhua) -- German Chancellor Angela Merkel Monday renewed her calls for an "international framework" to regulate financial market and promote transparency. "These measures aren't new, they have been elaborated at the G8 summit at Heiligendamm" during Germany's presidency last year of the Group of Eight leading industrial nations," ... http://g8live.org/2008/09/22/germany-calls-for-international-framework-to-regulate-financial-market/ WASHINGTON/FRANKFURT, Sept 22 (Reuters) - U.S. allies on Monday spurned entreaties from Washington that they enact large-scale financial bailouts, saying their banks were not exposed to the same level of reckless lending that put the American economy at risk of a deep recession. While some European central banks offered more funding ... http://g8live.org/2008/09/22/group-of-seven-partners-cool-to-us-style-bailouts/ WASHINGTON, Sept. 22 (Xinhua) -- The Group of Seven industrialized nations pledged Monday to do all they can to prevent a worsening global financial crisis from hurting the world economy. "We are ready to take whatever actions may be necessary, individually and collectively, to ensure the stability of the international financial ... http://g8live.org/2008/09/22/g7-pledges-to-stem-international-financial-crisis/ The following information was released by the U.S. Department of the Treasury: The Group of Seven Finance Ministers and Central Bank Governors released the following statement today: The G-7 held a conference call today to discuss global financial markets. We reaffirm our strong and shared commitment to protect the integrity of the ... http://g8live.org/2008/09/22/statement-by-g-7-finance-ministers-and-central-bank-governors-on-global-financial-market-turmoil/ The Ghana National Education Campaign Coalition (GNECC) has stated the urgent need for G7 countries to fulfill their promises made in support of education in Ghana. The resolution to leaders of G7 countries came after a roundtable by GNECC to assess donor commitments to education financing and its impact on basic ... http://g8live.org/2008/09/22/aagm-gnecc-reminds-g7-countries-to-fulfill-promises-to-country/ In July, world leaders met in Toyakocho, Hokkaido, for the 34th Group of Eight summit. In advance of this meeting, the foreign ministers of the participating countries met in Kyoto to discuss major regional issues, among them Afghanistan. The outcome of that discussion was a Foreign Ministers' Statement that renewed ... http://g8live.org/2008/09/21/insights-into-the-world-afghanistan-still-needs-japans-help/ German Chancellor Angela Merkel indirectly criticized the United States and Britain on Saturday for blocking her government's previous efforts to tighten regulation of financial markets and inject transparency. Speaking in Austria on Saturday, Sept 20, Merkel said her government had tried in vain to win G8 support last year for tighter ... http://g8live.org/2008/09/20/merkel-slams-us-britain-for-blocking-tighter-financial-controls/