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G7 nations pledge to fight crisis G7 nations pledge to fight crisis
(30 minutes later)
Finance ministers from leading industrialised nations have pledged action to tackle the financial crisis after a torrid week on stock markets.Finance ministers from leading industrialised nations have pledged action to tackle the financial crisis after a torrid week on stock markets.
The G7 nations said they would take "decisive action and use all available tools", after a meeting in Washington.The G7 nations said they would take "decisive action and use all available tools", after a meeting in Washington.
Widespread fears of a global recession caused Asian, European and US markets to tumble on Friday despite rate cuts and cash injections by central banks.Widespread fears of a global recession caused Asian, European and US markets to tumble on Friday despite rate cuts and cash injections by central banks.
George W Bush said his government would continue to act to resolve the crisis.George W Bush said his government would continue to act to resolve the crisis.
As well as the Washington meeting of the G7 - which comprises the US, Japan, Britain, Germany, France, Italy and Canada - the International Monetary Fund (IMF) will hold talks in the US capital over the weekend.As well as the Washington meeting of the G7 - which comprises the US, Japan, Britain, Germany, France, Italy and Canada - the International Monetary Fund (IMF) will hold talks in the US capital over the weekend.
Leaders of the eurozone countries are also scheduled to meet in Paris on Sunday.Leaders of the eurozone countries are also scheduled to meet in Paris on Sunday.
'Protect savers'
After Friday's meeting, G7 ministers issued a five-point plan aimed at unfreezing the flow of credit that has prompted panic selling on global markets.
Paulson said the US aimed to buy equity in struggling banks
US Treasury Secretary Henry Paulson said the plan aimed at providing liquidity to global markets and protecting savers.
The plan is intended to protect major banks and financial institutions from failure and ensure they can raise capital from public and private sources.
The plan also include steps to unfreeze credit and money markets, as well as protecting savers, although it did not reveal any specific measures.
Mr Paulson said separately the US government was also working on a scheme to buy stakes in struggling financial institutions.
"We are working to develop a standardized programme that is open to a broad array of financial institutions," he said.
Panic-stricken marketsPanic-stricken markets
Speaking on the White House lawn on Friday, the US president said the recent market turmoil was being driven by "uncertainty and fear". Speaking on the White House lawn earlier on Friday, US President Bush said the recent market turmoil was being driven by "uncertainty and fear".
But he said the US authorities had a comprehensive strategy and a wide range of tools that they were using "aggressively" to fix the problems.But he said the US authorities had a comprehensive strategy and a wide range of tools that they were using "aggressively" to fix the problems.
We're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoilWe're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoil
Mr Bush defended the $700bn (£410bn) Wall Street rescue plan he signed into law a week ago, saying it was big enough, but stressing it would take time to have its full impact. Mr Bush defended last week's rescue package, saying it was big enough, but stressing it would take time to have its full impact.
The US president said America was working with other world governments to stabilise the panic-stricken markets.The US president said America was working with other world governments to stabilise the panic-stricken markets.
But volatile market conditions continued despite moves on Wednesday by six of the main central banks to cut interest rates by 0.5% and a separate move by China's central bank to cut rates by 0.27%.But volatile market conditions continued despite moves on Wednesday by six of the main central banks to cut interest rates by 0.5% and a separate move by China's central bank to cut rates by 0.27%.
Wall Street has lost a fifth of its value in the past 10 trading days, suffering one of its biggest weekly falls since the Dow Jones index was created 112 years ago.Wall Street has lost a fifth of its value in the past 10 trading days, suffering one of its biggest weekly falls since the Dow Jones index was created 112 years ago.
Markets in France, Germany and Britain plunged to end Friday between seven and nine percent lower.Markets in France, Germany and Britain plunged to end Friday between seven and nine percent lower.
Shares in Asia also closed down sharply, with Japan's main Nikkei index suffering its biggest one-day drop since the 1987 stock market crash.Shares in Asia also closed down sharply, with Japan's main Nikkei index suffering its biggest one-day drop since the 1987 stock market crash.
As panic mounted, there were trading suspensions in several countries including Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia.As panic mounted, there were trading suspensions in several countries including Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia.
Amid the gloom, the British pound tumbled to a five-year low against the US dollar and oil prices plummeted to a one-year low.Amid the gloom, the British pound tumbled to a five-year low against the US dollar and oil prices plummeted to a one-year low.