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World Financial Leaders Meet On Economic Crisis


European leaders and members of the World Bank and International Monetary Fund are holding separate meetings to coordinate responses to the global financial crisis.

French President Nicolas Sarkozy is hosting the 14 leaders in the EU's euro bloc and British Prime Minister Gordon Brown at a summit Sunday in Paris. Mr. Sarkozy said before the meeting he hopes an "ambitious, coordinated plan" will emerge.

Mr. Brown has said he aims to persuade the other European countries to adopt a comprehensive approach similar to Britain, which includes partial bank nationalization.

The IMF and World Bank were meeting in Washington Sunday.

On Saturday, U.S. President George Bush met with finance ministers from the Group of Seven major economic powers.

Egyptian Finance Minister Youseff Boutros Ghali said the IMF endorses the G-7's statement that it will do everything possible to protect the world's financial system and get credit moving again.

The global economic crisis began with a drop in the U.S. housing market and the inability of some Americans to repay their home loans.

Several high-profile financial companies that had invested in these loans collapsed, and many banks now are reluctant to lend money to consumers, businesses and each other.

Some major European governments and the United States have stepped in to take control of some sinking lenders, but at great expense to taxpayers.

The crisis has sent stock indexes plunging around the world.


Some information for this report was provided by AFP, AP and Reuters.

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