Some of the world's most powerful finance chiefs will meet in an English stately home on Friday and Saturday to try to speed up banking and finance reforms, with Cyprus' near meltdown fresh in their minds.
Finance ministers of the Group of Seven most industrialised nations urged oil-producing countries on Tuesday to raise output to ensure the market is well supplied, while warning that the West was ready to tap strategic oil rese
Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc's worsening debt crisis.
Brent crude prices rebounded for a second straight session on Tuesday, rising above $99 per barrel on support from a weaker dollar and hopes that the world's leading economies will take new action to tackle the euro zone's debt crisis.
G7 finance chiefs meet today (September 9) under heavy pressure to take action to revive flagging economic growth in rich nations and to calm the biggest confidence crisis in financial markets since the global credit crunch.
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Shares tumbled on Monday despite efforts by global policymakers to stem a collapse in investor confidence after S&P downgraded the US credit rating, but the euro firmed on hopes the ECB will act to stop Europe's debt crisis from engulfing Ital
Finance chiefs from the world's industrial powers pledged on Sunday to take whatever actions were needed to steady financial markets, spooked by the political wrangling in Europe and the US over slashing their huge budget deficits. &nbs
France has faith in the ability of the US to get out of this "difficult period" and it is too early to say if a G7 meeting will be brought forward, Finance Minister Francois Baroin told French iTele on Saturday.
Reacting to the downgrading