G-7 Countries Seek To Reassure Markets

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Finance officials from major industrial countries, seeking to calm nervous global markets, are pledging increased cooperation to attack economic problems.

Finance officials from the Group of Seven industrial countries issued a joint statement late Sunday saying they were committed to taking all necessary measures to support financial stability and growth.

The G-7 statement came after the group held an emergency conference call to discuss the debt crisis in Europe and market prospects following the announcement of the first-ever downgrade of the credit rating of the U.S. government.

U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke participated in the G-7 call.

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