World finance chiefs grasp for solutions in firestorm
Global finance chiefs gathered in Washington for crisis talks Friday in search of a solution to a growing financial firestorm as panic spread in global markets.
A meeting of the finance ministers and central bankers of the Group of Seven was being held amid a stunning loss of confidence in the global financial system that has sent markets into a freefall.
The major industrial powers have already pumped massive amounts of liquidity into the global banking system in an effort to unclog credit markets, and led a coordinated cut in interest rates.
But panic has still gripped the markets, which have hit multiyear lows in the United States and most other countries amid loss of confidence.
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