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Group of Seven nations sought to head off a collapse in global investor confidence after the U.S. sovereign-rating downgrade and a sell-off in Italian and Spanish debt intensified threats to the world economic recovery.
The G-7 will take “all necessary measures to support financial stability and growth,” the nation’s finance ministers and central bankers said in a statement today. Members agreed to inject liquidity and act against disorderly currency moves if necessary.
The European Central Bank indicated separately that it will buy Italian and Spanish bonds and Japan signaled furt
“The G-7 just gave a raspberry to S&P and basically said its analysis is irrelevant,” said Diane Swonk, chief economist at Mesirow Financial Inc. in Chicago. “It is unclear whether the promise of coordinated efforts to provide liquidity will be enough to avert a panic.”
Originally posted by metaldemon2000
This time the stakes are higher. In 2008 everyone had money and jobs. US is broke and further loss of jobs will just incite unrest. People are at least a little more aware of what is going on this time. How couldn't anyone see this coming. 2008 hit most undetected last time. This time I don't think they will get away with bailouts. The world is watching now, and they are bloodthirsty this time.
The title of the thread should be G7 seeking collapse with confidence.edit on 11/8/7 by metaldemon2000 because: (no reason given)