G8 leaders commit to crisis plan

POLITICAL ECONOMY

by Staff Writers
Washington (UPI) Oct 15, 2008
Group of Eight leaders issued a statement Wednesday saying they will work together to implement the G7 Plan of Action to support the global economy.

The leaders of Canada, France, Germany, Italy, Japan, Russia, Britain, the United States and the European Commission said they are united in their "commitment to fulfill our shared responsibility to resolve the current crisis, strengthen our financial institutions, restore confidence in the financial system, and provide a sound economic footing for our citizens and businesses."

The G7 Plan of Action, which has been endorsed by the International Monetary Fund, is designed to help institutions gain access to capital, prevent failure of systemically important financial institutions, unfreeze credit markets, restart secondary markets for mortgages, and protect savers and depositors, the leaders said.

"We will implement these measures on an urgent, transparent, and non-discriminatory basis," the statement said. "We pledge continued close cooperation and coordination."

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Recession stalks US, EU, but China offers hope: economists

London (AFP) Oct 15, 2008
The United States and Europe are heading for a "nasty recession" despite efforts to shore up the banking system, but Chinese growth could limit the damage to the world economy, economists said Wednesday.

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