Finance ministers from the group of seven most developed countries met in Washington yesterday to discuss measures to prevent the deepening of the crisis on the global financial system.
After the meeting it became clear that common principles are clear and will take all possible action to defrost cash and credit markets. So far, however, not clear how this will be achieved.

G7 countries were subjected to strong public pressure for action to save the world financial system through a common policy in order pacification of the market and prevent the global economy to enter recession.

From Sept. 15 over money markets literally do not work as the only supplier of fresh cash resources are central banks. Despite capital coordinated injections and whip of the main interest rates by the leading central banks still have a total lack of trust between banks. As a result, interest rates between short-term bank loans reached record levels.

In this connection, G7 finance ministers pledge to leading banks endowed with enough cash to prevent more bankruptcies in rank to that of Lehman Brothers.

Because of the increase in the price of funding and limited access to credit resources from investment bank Merrill Lynch forecast that the economies of the G7 will be worst performance from 1982 onwards.

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