G-7: Crisis Requires ‘Urgent and Exceptional Action’

The U.S. and its closest allies agreed on common guidelines to address the world financial crisis, a move that opens the way for a series of government actions, but falls short of the joint plan that many investors had sought. Here is the text of the G-7 statement released shortly after at 6 p.m. ET G-7 Finance Ministers and Central Bank Governors Plan of Action Washington— The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to: 1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure. 2. Take all necessary steps to unfreeze credit and money markets and ensure that... [read full story]