G7 Meeting Today to Tackle Global Economic Crisis
G-7 finance ministers and central bankers, gathering in Washington today, will pledge to act together to prevent failures, while avoiding specific commitments, an official reported on condition of anonymity.
Part of the discussions will include Britain's proposal to guarantee lending between banks, but according to this official the proposal will not embraced today.
European Union leaders will gather in a summit meeting in Paris Oct. 12 to discuss the crisis, the official also said.
While central banks are doing what they can, there is not much that interest-rate cuts can do until banks start lending to each other, the person said.
Published on October 10, 2008
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