As stocks bleed, G7 plays down quick fix (AAP)

Global financial leaders meeting in Washington have played down expectations for a quick fix for the maelstrom in world markets, as a violent stock selloff intensified and worries grew about bank failures. The Group of Seven finance chiefs were studying a set of joint principles and steps to tackle the financial crisis, including a commitment to keep major banks functioning, a European source said ahead of a statement from the leaders. "We are working on establishing a (response) at the global level," the source said. French finance minister Christine Lagarde said the G7 is unlikely to come up with a plan of action against the global financial crisis that will be the same for all nations. "What I think is very important, is that (we get) at the same time a show of unity and coordinated responses," Lagarde said. "You cannot... [read full story]