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G7 major economies to hold emergency talks

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G7 major economies to hold emergency talks
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Washington: Finance ministers and central bank presidents of the world’s seven wealthiest countries will hold an emergency conference call today to discuss Europe’s worsening debt crisis.

Canadian Finance Minister James Flaherty told reporters in Canada on Monday that he would raise Europe’s troubles with his Group of Seven colleagues during the call. The G7 includes the United States, Japan, Germany, France, Britain, Italy and Canada.

Mr. Flaherty did not give a time for the conference call, which is confidential and not open to reporters.

The U.S. Treasury Department wouldn’t comment on the call.

But officials said the United States expects more action to strengthen the European banking system in the next two weeks in advance of a meeting of the Group of 20 major economies in Los Cabos, Mexico, later this month.

PTI

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