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Pressure on G7 leaders after erratic Wall St. open

10-Oct-2008
Story Timeline:  43 days

By James Mackenzie and Daniel Trotta WASHINGTON/NEW YORK (Reuters) - Leaders of the world's leading economies confronted a financial system in shambles on Friday as they gathered in Washington with panic selling in the stock markets, credit frozen solid and the world teetering on recession. Finance ministers and central bankers from the Group of Seven meet in Washington, searching for answers after joint interest-rate cuts, liquidity injections, a $700 billion (409.7 billion pound) bailout and government plans to take equity stakes in banks failed to restore investor confidence. U.S. President George W. Bush was due to speak on the economy at 10:25 a.m. EDT (3:25 p.m. British time), and French President Nicolas Sarkozy may launch a new European... [read full story]                    

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