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G7 pledges to stem global financial crisis
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The Group of Seven industrialized nations pledged Monday to do all they can to prevent a worsening global financial crisis from hurting the world economy.

"We are ready to take whatever actions may be necessary, individually and collectively, to ensure the stability of the international financial system," G7 finance ministers and central bank governors vowed in a statement which was made available on the US Treasury Department website.

The financial officials from the seven countries held a conference call this morning to discuss global financial markets, according to the statement.

"We affirm our strong and shared commitment to protect the integrity of the international financial system and facilitate liquid, smooth functioning markets, which are essential for supporting the health of the world economy," the statement said.

The officials "strongly" welcomed the "extraordinary actions" taken by the United States to enhance the stability of financial markets and address credit concerns.

They also strongly welcomed the measures taken by other G7 countries.

Major central banks have been coordinating to address liquidity pressures in funding markets, which "has been critical in addressing disruptions in global financial markets."

Besides the United States, the Group of Seven is made up of Japan, Germany, France, Britain, Italy and Canada. The group didn't offer specifics about what actions they might take.

The group of advanced nations is scheduled to hold its next meeting on October 10 and the financial crisis is expected to be the most important topic at the meeting.

(Xinhua News Agency September 23, 2008)

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