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G7 Nations Vow Coordination On Financial Crisis But Offer Few Details

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The United States and six other nations that are among the world's richest agreed on Friday to a coordinated plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending on a day when fear tightened its grip on investors from Wall Street to Hong Kong.

Treasury Secretary Henry M. Paulson Jr. said the United States would move aggressively on one part of the plan by infusing American banks directly with cash and taking ownership stakes in return.

Read the whole story at New York Times