PARIS: Group of Seven nations welcomed the $700 billion US markets bailout plan on Monday but there was no sign that other governments saw any need to follow Washington in setting up rescue packages of their own.
"We will be in a telephone conference to consider and very probably express our support for the American plan," French Economy Minister Christine Lagarde told RMC radio in an interview, without giving more details. US Treasury Secretary Henry Paulson said on Sunday he was "aggressively" encouraging other countries to put in place similar schemes to the plan announced on Friday which sent global stock markets soaring. The world's big central banks have already joined in a coordinated move with the US Federal Reserve to pump hundreds of billions of dollars in extra funding into markets to prevent the world financial system from seizing up in a credit freeze. But US allies within the G7 club of wealthy nations appeared more guarded about the need to follow Washington's lead and set up funds to buy bad debts from struggling banks. "At the moment, I don't think Japan needs to launch a program similar to that of the United States," Japanese Vice Finance Minister Kazuyuki Sugimoto told reporters in Tokyo, echoing similar comments from France, Britain, Germany and the European Union. "The government thinks measures like those taken in the United States are not necessary (in Germany)," German government spokesman Ulrich Wilhelm told a regular news conference. However contacts have been intense as government leaders try to come up with a unified response to a financial crisis widely seen as the worst since the 1930s. French President Nicolas Sarkozy, whose country holds the rotating EU presidency is visiting the United States this week for a United Nations meeting and is expected to talk to US officials about the crisis. British Prime Minister Gordon Brown said last week he was in touch with Sarkozy about formulating a joint EU response and a government spokesman said on Britain would take "whatever action is necessary in the interest of financial stability." European leaders have repeatedly said that their banks were better balanced than their US counterparts and do not face the dramatic problems that led to the collapse of Lehman Brothers and the forced sale or rescue of other Wall Street institutions. http://economictimes.indiatimes.com/News/G7_countries_pledge_to_safeguard_financial_system/articleshow/3514950.cms You cannot teach a man anything; you can only help him discover it in himself. <<Galileo Galilei>> --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
