WASHINGTON: The Group of Seven industrialized nations pledged yesterday to help the United States address a global credit crisis, saying they will “take whatever actions may be necessary.”
G-7 finance officials welcomed recent US measures to counter the worst credit crisis since the 1930s Great Depression, including a US Treasury proposal to spend $700 billion to buy toxic mortgage-related assets from financial institutions unveiled over the weekend. “We strongly welcome the extraordinary actions taken by the United States to enhance the stability of financial markets and address credit concerns, especially through its plan to implement a program to remove illiquid assets that are destabilizing financial institutions,” the G-7 finance ministers and central bank governors said in a statement. “We are ready to take whatever actions may be necessary, individually and collectively, to ensure the stability of the international financial system,” they said.
The G-7 statement was issued following a conference call yesterday to discuss global financial markets by the finance officials of the United States, Japan, Canada, Britain, France, Germany and Italy. “We pledge to enhance international cooperation to address the ongoing challenges in the global economy and world markets and maintain heightened close cooperation between finance ministries, central banks and regulators,” they said.
