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| Version 4 | Version 5 |
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| G7 passes plan to ease credit woe | G7 passes plan to ease credit woe |
| (4 days later) | |
| The G7 group of most industrialised nations has approved a plan aimed at easing the continuing crisis in the global credit markets. | The G7 group of most industrialised nations has approved a plan aimed at easing the continuing crisis in the global credit markets. |
| Including calls for more oversight of financial firms and greater financial transparency, G7 members have committed themselves to its implementation. | Including calls for more oversight of financial firms and greater financial transparency, G7 members have committed themselves to its implementation. |
| The plan also aims to improve the work of credit rating agencies. | The plan also aims to improve the work of credit rating agencies. |
| The announcement was made after a meeting of the seven nations, including the US, UK and Germany, in Washington. | The announcement was made after a meeting of the seven nations, including the US, UK and Germany, in Washington. |
| "We remain positive about the long-term resilience of our economies, but near-term global economic prospects have weakened," said a statement issued by the G7 after the meeting. | "We remain positive about the long-term resilience of our economies, but near-term global economic prospects have weakened," said a statement issued by the G7 after the meeting. |
| The plan further calls for the strengthening of authorities' responsiveness to financial risks, and puts in place arrangements to deal with stress in the financial system. | The plan further calls for the strengthening of authorities' responsiveness to financial risks, and puts in place arrangements to deal with stress in the financial system. |
| It was drawn up for the G7 by the Financial Stability Forum (FSF) think-tank. | It was drawn up for the G7 by the Financial Stability Forum (FSF) think-tank. |
| The FSF is comprised of a number of central bank and treasury officials from around the world. | The FSF is comprised of a number of central bank and treasury officials from around the world. |
| "We have worked, and will continue to work, closely to address global challenges and take concrete actions," said US Treasury Secretary Henry Paulson. | "We have worked, and will continue to work, closely to address global challenges and take concrete actions," said US Treasury Secretary Henry Paulson. |
| 'Urgent action' | 'Urgent action' |
| Before the G7 meeting, UK Chancellor Alistair Darling described the credit squeeze as the "biggest economic shock" the world has seen since the 1930s Great Depression. | Before the G7 meeting, UK Chancellor Alistair Darling described the credit squeeze as the "biggest economic shock" the world has seen since the 1930s Great Depression. |
| He said the G7 had to take "urgent action". | He said the G7 had to take "urgent action". |
| The other G7 members are France, Italy, Japan and Canada. | The other G7 members are France, Italy, Japan and Canada. |
| The G7 finance ministers had gathered before World Bank and IMF meetings on Saturday and Sunday. | The G7 finance ministers had gathered before World Bank and IMF meetings on Saturday and Sunday. |
| The credit crisis stemmed from a slowdown in the US housing market and has had a knock-on effect worldwide and dented growth. | The credit crisis stemmed from a slowdown in the US housing market and 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. | 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. | |