G20 deputies to hold crisis call Saturday: Brazil

BRASILIA Sat Aug 6, 2011 1:35pm EDT

BRASILIA (Reuters) - Deputy finance ministers from the Group of 20 leading economic powers will hold a conference call on Saturday to discuss the crises in Europe and the United States, a Brazilian finance ministry official said.

The official told Reuters the call was scheduled for 6:30 p.m. EDT.

"It will be an exchange of information and opinions," the official said by e-mail without providing further details.

Investors are eager to see signs of a coordinated policy response among major economies, which might prevent the crises from spreading or getting worse.

Deputies routinely prepare the ground ahead of meetings by top officials. A European source said G7 finance ministers and central bankers from the largest developed economies would confer by telephone later on Saturday or on Sunday.

Fears of a global recession have increased in the wake of this week's sell-off in financial markets and Standard & Poor's decision to cut the U.S. long-term credit rating for the first time.

(Reporting by Isabel Versiani)

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Comments (2)
tracyemma wrote:
Brazil, Spain & Italy are about to fall into insolvency due to a default driven reduction in worldwide credit and the media focuses on a political sideshow led by “true believers” of the right. Now it’s the S&P downgrade. All these “crises” in the US are just a smokescreen to avoid reporting on what’s going on in the rest of the world. Once fear grabs hold no government on Earth can stop it. It’s depression and then probably, war.

Aug 06, 2011 4:20pm EDT  --  Report as abuse
jhardaway wrote:
Here comes the rise of the BRIC (Brazil, Russia, India, and China). These four will sponsor the idea for a new worldwide currency for business, and then watch the demise of the US as gas prices hit $8 a gallon and grocery prices go through the roof. You can thank ALL of the politicians and the idiot ideologues who waste time arguing instead of fixing the problem.

Aug 06, 2011 6:43pm EDT  --  Report as abuse
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