Leading economies plan urgent talks on market stability after US downgrade, report says

TOKYO — Financial ministers from the Group of Seven economies plan urgent talks on world market stability as Middle Eastern markets tumbled Sunday in the first sign of investor fallout from a historic U.S. credit downgrade.

Deputy finance ministers agreed Sunday on a conference call among the higher-level ministers likely to be held before Asian markets open Monday morning, Kyodo News agency reported.

The countries are concerned Standard & Poor's downgrade of the U.S. credit rating late Friday would significantly rattle consumer and business confidence and financial markets.

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Peter Wallsten 07 Aug, 2011

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Source: http://feeds.washingtonpost.com/click.phdo?i=69058518c3a15b3c6314b9174b8858ce
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