03/17/2009 05:12 am ET Updated May 25, 2011

World Finance Chiefs: "Severe" Downturn Will Persist

Group of Seven finance chiefs vowed to tackle a "severe" economic downturn that will persist for most of 2009 without spelling out new steps to do so.

The G-7's finance ministers and central bankers said in a statement released after talks in Rome today that they were working to restore confidence in markets and revive the world economy. They predicted the full effect of individual rescue packages will "build over time."

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