See other World News Articles
Title: Berlusconi Says Leaders May Close World's Markets (Update1)
Source:
Bloomberg
URL Source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM
Published: Oct 10, 2008
Author: By Steve Scherer
Post Date: 2008-10-10 13:20:30 by TwentyTwelve
Keywords: World Financial Markets
Views: 1564
Comments: 3
Berlusconi Says Leaders May Close World's Markets (Update1) By Steve Scherer Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.'' ``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.'' The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York. Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said. Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.'' The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system. To contact the reporter on this story: Steve Scherer in Rome at scherer@bloomberg.net Last Updated: October 10, 2008 10:15 EDT
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: TwentyTwelve (#0)
he's a crazy little bastard
Many believe in either intelligent design or evolution...but I am opting for unintelligent design, where god is a retarded kid who likes setting army men on fire and leaving his toys out in the rain. Gengis Gandhi, Troubled Genius We come from the land of the ice and snow, On we sweep with threshing oar, Our only goal will be the western shore.
Dow Jones Industrial Average(DJI: ^DJI) Index Value: 8,126.47 Trade Time: 2:05PM ET Change: 452.72 (5.28%) Prev Close: 8,579.19 Open: 8,568.67 Day's Range: 7882.51 - 8687.11 52wk Range: 8,523.27 - 14,280.00
From the midnight sun where the hot springs blow.
The hammer of the gods will drive our ships to new lands,
To fight the horde, singing and crying: Valhalla, I am coming!
#2. To: TwentyTwelve (#0)
leaders are ``talking about a new Bretton Woods.''
#3. To: angle (#2)
Top • Page Up • Full Thread • Page Down • Bottom/Latest