In Business: G7 addresses global crisis

Published: October 12, 2008

WASHINGTON — Finance officials from the world’s top economic powers endorsed a plan Friday to stem the worst financial crisis in more than a half-century. The officials from the Group of Seven countries issued the five-point plan aimed at reversing a credit crisis that has unhinged Wall Street and markets around the globe. They pledged to take "decisive action and use all available tools.”Under the plan, the countries vowed to protect major banks and to prevent their failure. They also committed to working to get credit flowing more freely again, support the efforts of banks to raise money from both public and private sources, safeguard bank depositors and revive the battered mortgage financing market.

By The Associated Press

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