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Archive for Saturday, February 6, 2010

Financial turmoil strikes as G-7 works for revival

February 6, 2010

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— Global financial leaders gathered in the frigid Canadian town of Iqaluit, Nunavut, on Friday to confront more market turmoil that served as an unsettling reminder of the major hurdles in repairing a broken global economy.

The market turbulence, triggered by worries about unsustainable debt burdens in several European countries, forced its way onto the agenda of a two-day meeting of finance officials from the Group of Seven major industrial countries.

Other major topics at the discussions, which were scheduled to wrap up with a joint news conference today, were global imbalances such as America’s huge budget deficits and China’s large trade surpluses, the need to continue with government stimulus programs and the overhaul of bank regulations to prevent a repeat of last year’s financial crisis.

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