Europe

From the afternoon of 5, leaders of major European countries began urgent consultations.

French President Sarkozy, German Chancellor Merkel, Prime Minister Berlusconi of Italy and Spanish Prime Minister Zapatero telephone to discuss the debt crisis of European countries.

From late 5 to 6 midnight, President Obama and Sarkozy and Merkel respectively called to discuss the global economic situation.

After the US sovereign credit rating was lowered by standard & Poor's, Sarkozy and British Prime Minister Cameron carried out more than half an hour of telephone communication on the evening of 6, coordinating their respective positions.

French economy, finance and Industry Minister Baroin told the French media on the 6 day that the finance ministers of the group of seven have been keeping close communication, paying close attention to the current changes in the financial market and discussing the possible measures to be taken.

Japan's Kyodo News reported that the group of Seven finance ministers and central bank governors will hold a conference call before the opening of Asian stock markets on Monday.

A joint statement may be issued after the meeting to slow down the market tension caused by the downgrading of the sovereign credit rating of the United States and the continuous fermentation of the European debt crisis.

Xinhua News Agency reporters interviewed the French finance ministry on the 7 day. The reply was that the G7 finance ministers were indeed in urgent consultation, but there was no content to be released.

There are signs that Western leaders are facing a crisis and are in urgent consultation to try to take effective measures before the global stock market opens on Monday or send a clear signal to the market to prevent possible global stock market crash on Monday.

But on the other hand, there is no news release, which may indicate that western countries, especially European countries, have not agreed on a more effective rescue measure, so they avoid sending any information to the market before they are able to co-ordinate, so as not to cause irreparable losses.

The lack of information made the market more anxious, and the Israeli stock market, which opened on Sunday, stopped trading because of a 6% drop.

The main western media reported in Sunday's report that Asian stock markets