The G7 has backed the United States’ US$700 billion (AU$870 billion) plan to tackle global credit market turmoil
"We strongly welcome the extraordinary actions taken by the United States to enhance the stability of financial markets and address credit concerns," the G7 said in a statement released overnight.
The Group pledged to enhance international cooperation in addressing the global challenges and said they would be “ready to take whatever actions may be necessary, individually and collectively, to ensure the stability of the international financial system."
While the G7 supports the rescue plan, investors were not so quick to pledge their support. Wall street tumbled 3.27 per cent overnight amid investor fears the plan would not be enough to save the economy.
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