General Financial News
G-7 leaders' teleconference underscores importance of tackling debt crisis
Jun 06, 2012 06:37 AM
The world's seven financially healthiest nations will advocate for the euro zone countries victimized by the voracious sovereign debt crisis, according to those nations' leaders who partook in the Tuesday teleconference.
Bloomberg reports finance ministers and central bank governors agreed to manifest a coordinated defense for the beleaguered nations. Two debt-hobbled nations, Spain and Greece, also were subjects of the Tuesday conversation.
Having accepted two bailout tranches in two years, the Aegean nation is preparing a second run-through of national elections for later this month as the one in early May did not produce a clear victor. The owner of the euro zone's fourth-largest economy, Spain is attempting to keep down bond yields that indicate the nation is under sizable fiscal pressure.
"The G-7 ministers and governors reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe," states an email from U.S. Treasury, according to Bloomberg.
The Group of 20 meetings set for later this month in Los Cabos, Mexico, are likely to see the same topics under discussion, according to The Associated Press.
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