HUFFINGTON POST

G7: Economic Crisis Must Be Confronted As One

11/10/2008 05:12 am ET | Updated May 25, 2011

WASHINGTON (Reuters) - Finance leaders from the world's rich nations struggled on Friday to agree on a unified approach to cure a credit crisis that threatens to trigger a deep global recession.

The Group of Seven -- the United States, Canada, Britain, France, Italy, Germany and Japan -- pledged a coordinated response but stopped short of backing a British plan to guarantee lending between banks.

Panicky financial markets were counting on the G7 to figure out some way to restore the normal flow of credit and shore up banks' balance sheets to avert the worst economic meltdown since the Great Depression of the 1930s.

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