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WASHINGTON - The International Monetary Fund warned Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and rich nations had so far failed to restore confidence. President Bush appealed for patience as world leaders raced to stabilize financial markets and avert the deepest global recession in decades, but the 185-nation IMF said more steps would be needed in the coming months. "Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," IMF chief Dominique Strauss-Kahn said.

<p>President Bush emerged from a meeting with foreign financial officials on Saturday and pledged a global response to the credit crisis that will lead toward a "path of stability and long-term growth."</p> <p>"The United States has a special role to play in leading the response to this crisis," the president said. "That is why I convened this morning's meeting here at the White House and it is why our government will continue using all the tools at our disposal to resolve this crisis."</p>

World leaders are coming together to take decisive action to help a faltering world economy rocked by a credit crisis and unnerved by plunging global stock markets, accoring to President Bush. In a Rose Garden address shortly before 8 a.m., Bush pledged that the economy would emerge stronger as a result of the actions taken by G7 nations. “I'm confident the world's major economies can overcome the challenges we face,” said Bush, backed by Treasury Sectretary Henry Paulson and other G7 finance ministers. “We're in this together. We'll come through this together.” He said the G7 nations had agreed to...

'We must stand together': Bush warns countries as G7 agrees 'plan of action' tor rescue world economy G7 group agree 'plan of action' to solve financial crisisBush warns countries they must stick together U.S. follows Britain by buying up banks stocksFTSE has worst week ever, dropping 21% in just five daysPresident Bush today warned countries against acting alone to try and ease the financial crisis after a catastrophic week of nosediving shares that saw £250billion wiped off the Stock Market. In his 20th emergency statement in since September, Mr Bush stressed that the biggest powers in the world have to...

Italian Prime Minister Berlusconi said political leaders discussing idea of closing world's financial markets while they 'rewrite the rules of international finance'... MORE Nothing follows. I can't get to the Bloomberg story its getting hammered. This is huge and series. Load your shotguns folks.

Finance chiefs from the world's richest nations are set to meet in Washington for a crucial but uncertain meeting at a time of unprecedented fear about the global financial system. The Group of Seven meeting will bring together finance ministers and central bankers on Friday from the United States, Germany, Japan, France, Britain, Italy and Canada for some collective-thinking on the credit crunch and crashing stocks. They are to be joined by counterparts from emerging markets including Brazil, Russia, India and China for an impromptu gathering of the expanded so-called G20 group. The United States finds itself in a rare...

As pressure mounts on world leaders to take stronger action to contain the economic crisis, U.S. President George W. Bush will meet with finance ministers from the Group of Seven countries Saturday morning at the White House. “The president will have the opportunity to hear directly from the finance ministers about how the financial crisis is affecting their respective economies and the steps they are taking, to deal with these challenges, both individually and collectively,” White House spokeswoman Dana Perino said Thursday. “The president will emphasize the importance of nations working in a coordinated way to address the crisis, while...

TOKYO (Reuters) - Japanese police arrested five foreigners on Wednesday after carrying out their first raids in a widening probe of suspected al Qaeda activities centering on a French national who spent over a year in Japan. Police searched 10 locations following media reports last week that Lionel Dumont, who was arrested in Germany last December, was trying to build up a base in Japan to support al Qaeda among a network of foreigners in the country. Dumont, a French national of Algerian descent, is suspected of being involved in delivering equipment and funds to al Qaeda during his stay...

LONDON, Feb 9 (Reuters) - Doubts the Group of Seven would act to back its warning against "excess volatility" in currency markets pushed the dollar to a two-week low against the euro on Monday as European stocks rose on U.S. tech stock gains. The dollar initially rose in Asian trade after Saturday's statement by finance ministers and central bankers from the G7 leading economies, but quickly gave up its gains. "Until the G7 actually starts making noises about absolute levels of euro/dollar or dollar weakness being an issue the market will continue to see a green light to sell dollars,"...

G-7 meeting: Excerpts from the joint statement 10:35pm ET 02/07/04 The mix of words is seen giving the three major economic blocs, the United States, the European Union and Japan, want each wanted heading into the weekend meetings. Support for the statement was unanimous, U.S. Treasury Secretary John Snow said, "all of us are happy with it."The ministers' view may leave financial markets confused, said analysts. Most expect the bruised U.S. dollar to rise Monday, but the greenback may then resume its decline. The challenge of bringing U.S. trade and budget deficits into balance will preoccupy investors once again, said...

DUBAI (MktNews) - The following is the text of the communique issued following the Group of Seven finance ministers' and central bankers' meeting Saturday: "Recent data indicate that the global recovery is underway. Equity markets have rebounded, confidence has increased, financial conditions have improved, oil prices are expected to remain stable and inflation is under control. "Macroeconomic policies should continue to support the recovery while ensuring medium-term fiscal sustainability. However, for growth to strengthen, be sustained and be less unbalanced, structural reforms must be accelerated. We support the progress made to reform tax and regulatory regimes, labour markets and pension...

DUBAI (Reuters) - The Group of Seven industrial nations on Saturday took aim at Asian governments that keep a tight grip on their currencies, calling for more exchange rate flexibility to help iron out global economic imbalances.The declaration marked a clear victory for the United States, which has led criticism of China, Japan and other Asian nations for holding down their currencies, thus making it harder for U.S. exporters to compete in world markets.``...we emphasize that more flexibility in exchange rates is desirable for major countries or economic areas to promote smooth and widespread adjustments in the international financial system,...

<p>Sept. 20 (Bloomberg) -- U.S. Treasury Secretary John Snow said he will ask the Group of Seven industrialized nations to change G-7 policy for the first time in more than six years and back ``flexible'' currency exchange rates.</p> <p>Snow will use six hours of talks on the global economy this weekend in Dubai to seek support for his campaign against governments that manipulate the value of their currencies to bolster growth, such as China and Japan. The U.S. wants the idea that markets should determine exchange rates mentioned in the G- 7's post-meeting statement.</p>

Hands Off, China Tells G7 on Eve of Talks Sept. 19 — By Alan Wheatley, Asian Economics Correspondent DUBAI (Reuters) - China bluntly told the United States on Friday not to make it a scapegoat for its economic woes by pressing for a revaluation of the yuan at this weekend's meeting of the world's leading industrial powers. The need for China and other Asian nations to let their currencies rise to help iron out major imbalances threatening the global economy will be a major talking point when Group of Seven (G7) finance ministers gather on Saturday in Dubai. With the...

ROME (AFX) - Reconstruction aid for Palestine and the fight against terrorism are to major items on the agenda when Group of Seven finance ministers and central bank governors meet this weekend in Dubai, a G7 source told Agence France Presse. "Saturday morning, the day begins by a special meeting with the Palestinian Authority's finance minister," the source said. "There will be a question of the reconstruction plan for Palestine, which has a very important political significance because it demonstrates a strong will to provide the peace process with economic support. "It's a question of quickly establishing an inventory, and...