Pressure on G7 leaders with stocks in freefall

By Jeremy Gaunt LONDON (Reuters) - The world's economic powers faced huge pressure on Friday to devise drastic remedies to revive the banking system and end panic selling in financial markets. Finance ministers and central bankers from the Group of Seven nations meet in Washington against a backdrop of plunging shares after bank bailouts, liquidity injections and coordinated interest rate cuts failed to get funds flowing again. Morgan Stanley will be in the spotlight on Wall Street, which looked set to follow European and Asian stock markets and fall sharply. Investors appeared unconvinced about Morgan Stanley's deal with Japan's Mitsubishi UFJ. Shares in the bank have lost nearly half their value in the last three days on worries... [read full story]