G7 finance ministers pose for a group photo after their meeting at the Treasury Department in Washington, The United States, October 10, 2008. (L-R) are: Jim Flaherty of Canada, Christine Lagarde of France, Peer Steinbrueck of Germany, U.S. Treasury Secretary Henry Paulson, Italy's Economy Minister Giulio Tremonti, Shoichi Nakagawa of Japan, Britain's Chancellor of the Exchequer Alister Darling and Eurogroup Chairman Jean-Claude Juncker.(Xinhua/Zhang Yan) Photo Gallery>>>

    WASHINGTON, Oct. 11 (Xinhua) -- U.S. President George W. Bush said Saturday morning that seven Western countries -- the so-called Group of Seven industrialized countries (G7) -- will work together to cope with the current financial crisis spreading around the globe.

    "All of us recognize that this is a serious global crisis and therefore requires a serious global response," Bush told reporters after a meeting with economic chiefs of the G7.

    "I'm confident that the world's major economies can overcome the challenges we face," he stressed, noting the U.S. will use allthe tools at its disposal to deal with the crisis.

U.S. President George W. Bush arrives in the Rose Garden at the White House to makes a statement on the economy in Washington, Oct. 10, 2008.  (Xinhua/Reuters Photo) Photo Gallery>>>

    Bush warned against the protectionist measures taken by some countries in response to the crisis.

    "There have been moments of crisis in the past when powerful nations turned their energies against each other, or sought to wall themselves off from the world," said the U.S. president.

    "This time is different: the leaders gathered in Washington this weekend are all working towards the same goals," he said, "We're in this together, we'll come through it together."

    "As our nations confront challenges unique to our individual financial systems, we must continue to work collaboratively, and ensure that our actions are coordinated," he noted.

    "We must ensure the actions of one country do not contradict or undermine the actions of another. In an interconnected world, no nation will gain by driving down the fortunes of another," he warned.

G-7 announces plan to fight global financial crisis

    WASHINGTON, Oct. 10 (Xinhua) -- Finance officials from the Group of Seven (G-7) announced here Friday a plan of action to battle the ongoing global financial crisis.

    "The G-7 agrees today that the current situation calls for urgent and exceptional action," said a statement released by the U.S. Treasury Department announcing the plan of action. Full story  

Bush: U.S. authority able to solve financial crisis

    WASHINGTON, Oct. 10 (Xinhua) -- President George W. Bush said on Friday that the United States, together with other nations, can cope with the current financial crisis.

    "The American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets," Bush said at the White House.  Full story

G-24: global financial crisis could dampen growth prospects in developing countries
    WASHINGTON, Oct. 10 (Xinhua) -- A group of developing countries warned here Friday that the ongoing global financial crisis could dampen growth prospects in the developing world.

    "Many emerging markets and developing economies are not immune to the spillovers of the ongoing global crisis, with some countries more affected than others," said the group of 24 countries (G-24) from Latin America, Asia and Africa in a communique following their meeting. Full story