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DAMAGE CONTROL

G-20 Holds Urgent Phone Meeting

To talk credit downgrade before Asian markets open.

cheats/2011/08/07/g20-holds-urgent-phone-meeting/debt-ceiling-wall-street-reaction-cheat_lxi3rs

Ramin Talaie

Deputies from the Group of 20 nations representing the world's leading economies held an emergency phone meeting Sunday to discuss the stability of financial markets following the U.S.'s credit downgrade Friday night. South Korea's central bank said the G-20 leaders made proposals to minimize market shock, but few details have emerged. Financial ministers from the most developed countries known as the Group of Seven, or G-7, planned talks before the Asian markets open Monday as they are under pressure to show political leadership and reassure markets following last week's $2.5 trillion sell-off in global stocks.

Read it at Associated Press

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