Friday 7 May 2010

Contagion Fears Go Global

ATHENS/LONDON – Governments around the world sought to calm markets after fears about Greece's debt crisis went global, with investors seeing it as an omen of turmoil in other European economies.

Group of Seven finance ministers discussed the debt crisis in a conference call on Friday after Federal Reserve officials expressed concern and the White House said President Barack Obama was watching developments closely.

Euro zone leaders were scheduled to meet for a special summit late on Friday to put their political stamp of approval on the EU-IMF deal to release 110 billion euros over three years to help Greece overcome its debt and deficit crisis. more...

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