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G7 countries agree 'plan of action' to rescue world economy 1,048 points - Dramatic fall in the FTSE in just five days The world's richest countries have agreed a plan to try and stem the financial crisis that saw a catastrophic £250billion wiped off the stock market in the worst week ever for the FTSE 100. After 'blind panic' set in on the markets on Freefall Friday, finance ministers from the G7 pledged to take 'decisive action and use all available tools' to support financial institutions. They approved a five point 'plan of action' at crisis talks in Washington which opens up the possibility large sections of the global banking system will be part-nationalised. Although the details are vague, the plan promises to 'ensure that our banks…can raise capital from public and well as private sources, in sufficient amounts to... [read full story]
