g7 statement

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    In a bid to calm market fears after S&P's downgrade of the US and ongoing Eurozone debt jitters, [G7] has issued a statement following Sundays rushed conference call, assuring the Group is committed to taking co-ordinated action where needed, to ensure liquidity and to support financial mkt functioning, stability and econ growth. These actions together with continued fiscal discipline will enable long term fiscal sustainability. It specifically added that no change in fundamentals warranted recent tensions faced by Spain and Italy and that there additional policy measures were welcomed. It added that the Group will remain in close contact throughout the coming weeks and cooperate as appropriate on financial mkts. Markets are a tad calmer but still well in the red with S&P futures -1.82% and oil also off -2.8%. Asian stocks will be eyed closely.

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