Europe

South Korea's Ministry of planning and Finance issued a press communique on the 7 day, saying that the Vice Finance Ministers of the group of twenty members held a conference call that morning, and discussed how to reduce the sovereign credit rating of the United States and the impact of the euro zone debt crisis on the market.

The press communique said that in the telephone conference on that day, the participants agreed to continue to strengthen cooperation at the policy level to jointly cope with the financial situation.

The meeting held that the recent international financial market was shaken by the market worries caused by the continued spread of the European debt crisis and the sluggish US economic recovery, but the possibility of the world economy stagnating again was not large.

From the US employment situation, worries about the US economy once again bottoming out also eased.

In addition, the European debt crisis continued to ferment, starting from the afternoon of 5, the leaders of major European countries began emergency 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.

American sovereignty

Faced with the spread of market panic and the history of "downgrade" in the history of the US sovereign credit rating, the group of seven (G 7) intends to discuss how to coordinate the actions of central banks among Member States.

Japan's Kyodo News reported that before the opening of Asian stock markets on Monday (8), the G-7 finance ministers and central bank governors will hold a conference call.

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.

Francois Baroin, Minister of economic, finance and industry of the rotating presidency of the G-7 group, said 6 days ago that he maintained close contacts with the finance ministers of other members of the G-7 in the past few days and this morning.

"We will pay close attention to developments and see what will happen on Monday (the 8 day market)."

It is reported that the ECB may take a substantial "market support" action on Monday's bond market.

ECB sources said 6, the ECB will hold a conference call on the 7 day to discuss the European debt crisis and the possibility of buying sovereign debt in Italy.

According to a Italy minister, the European Central Bank has pledged to step up its efforts to buy Italy and Spanish government bonds on Monday to provide the necessary resources for both countries.