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Serious disagreements among G7 – Europeans accuse Americans secretly for the financial meltdown
Sandra Sonal
Oct. 12, 2008
World’s leading economies are failing to spell out the specific ‘urgent and exceptional”’ steps they have promised to take to stabilise financial markets before they open on Monday.
It is a case of infighting. G7 may have changed into C7 – the chaotic group of seven.
Critical of the lack of specific proposals in the G7 communique on Friday, officials of emerging and developing countries are saying that it was essential that the G7 fleshed out its proposals with specific measures before the markets opened on Monday, fearing any uncertainty would lead to further falls in stock prices, particularly in the financial sector.
Sources say Europe and Japan are privately blaming Bush Administration and its failed policies for the crisis.
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