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G7 Meeting: Slower Growth, $400 B Subprime Loss |
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Author: 123jump.com Staff
123jump.com
Last Update: 1:52 PM EST February 10 2008
The World economy is likey to slow in the short term and financial markets will experience prolonged turbulence, accrording to a statement released by G7. The formal statement takes a considerably dimmer view of the world economy from the last meeting in October but offered no remedies for the current malaise. The meeting of ministers also failed to announce coordinated measures. The ministers agreed that sub-prime losses may reach $400 billion, ten times more than the last estimate.
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