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| Version 0 | Version 1 |
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| G7 to address financial turmoil | G7 to address financial turmoil |
| (10 minutes later) | |
| The G7 group of industrialised nations is to address ways of tackling recent global financial turmoil, stemming from the continuing credit crisis. | The G7 group of industrialised nations is to address ways of tackling recent global financial turmoil, stemming from the continuing credit crisis. |
| There is growing concern the credit crunch could prompt a global recession. | There is growing concern the credit crunch could prompt a global recession. |
| Finance ministers are tipped to debate proposals including better oversight of banks and how to maintain access to capital, when they meet in Washington. | Finance ministers are tipped to debate proposals including better oversight of banks and how to maintain access to capital, when they meet in Washington. |
| They are also expected to address the wide variation in currency exchanges, particularly the weak US dollar. | They are also expected to address the wide variation in currency exchanges, particularly the weak US dollar. |
| Slowdown | Slowdown |
| A group called the Financial Stability Forum (FSF) is set to make a list of recommendations that ministers and central bankers will discuss. | |
| "We look forward to discussing and implementing rapid and effective implementation of the FSF findings with our colleagues," said US Treasury Under-Secretary David McCormick. | "We look forward to discussing and implementing rapid and effective implementation of the FSF findings with our colleagues," said US Treasury Under-Secretary David McCormick. |
| Among the expected proposals are increased transparency about the risks banks undertake, stricter rules about credit ratings, and the role of central banks in pumping money into the finance system. | Among the expected proposals are increased transparency about the risks banks undertake, stricter rules about credit ratings, and the role of central banks in pumping money into the finance system. |
| The credit crisis, that stemmed from a slowdown in the US housing market, has had a knock-on effect worldwide and dented growth. | The credit crisis, that stemmed from a slowdown in the US housing market, has had a knock-on effect worldwide and dented growth. |
| Earlier this week the International Monetary Fund (IMF) forecast that the US would enter a "mild recession" in 2008 and said that the credit crunch could cost banks and other financial institutions around $1 trillion. | |
| The weakening US economy has been a major factor in pushing down the value of the dollar, which slipped to a 15-year low against the pound earlier in the week. Meanwhile the pound has fallen sharply against the euro. | The weakening US economy has been a major factor in pushing down the value of the dollar, which slipped to a 15-year low against the pound earlier in the week. Meanwhile the pound has fallen sharply against the euro. |
| The G7 members are the US, Britain, France, Germany, Italy, Canada and Japan. | The G7 members are the US, Britain, France, Germany, Italy, Canada and Japan. |