Europe Govts Call For Global Financial Reform After US Plan
European governments on Monday called for a global solution for regulating financial markets in advance of a conference call among the finance ministers of the Group of Seven industrial countries. The U.S. is expected to solicit support for its $700 million rescue plan for Wall Street.
The U.S. plan, which ringfences bad debt lurking in the U.S. banking system, drew most support from London, where parliament is expected to begin debate on a banking reform bill in two weeks. U.K. Chancellor of the Exchequer Alistair Darling Monday pledged to do everything possible to bolster the financial system and said he expected there would be international cooperation on this.
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