Washington - The world's seven leading economies agreed to take "all necessary steps" to tackle a financial crisis that threatens to plunge the world into recession, and promised to provide banks the money they need to stay afloat, according to a joint statement by the Group of Seven on Friday.
The G7 finance ministers and central bank heads called for "urgent and exceptional action" to stabilize the financial system and unblock credit markets that have come to a virtual halt in the United States and Europe.
The seven countries promised to "ensure that our banks ... can raise capital from public as well as private sources in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses."
The bloc also promised "robust" guarantees for the savings deposits of consumers.
There were no specific joint moves announced in the statement. Stocks around the world plunged in record levels this week amid widespread fears of a global recession. (dpa)
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