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Obama urges global action to stem market turmoil

CHILLICOTHE, Ohio
Fri Oct 10, 2008 10:56am EDT
Democratic presidential nominee Senator Barack Obama (D-IL) waves to supporters at a campaign rally at Shawnee State University in Portsmouth, Ohio, October 9, 2008. REUTERS/Jim Young

CHILLICOTHE, Ohio (Reuters) - U.S. presidential candidate Barack Obama said on Friday that global finance ministers must take coordinated steps to calm the upheaval in financial markets.

Barack Obama

"We need action now," the Democratic candidate told a campaign rally in Chillicothe, Ohio, calling for the Treasury to quickly implement the $700 billion rescue passed by Congress.

Financial ministers from major economies are meeting in Washington to consider drastic steps to stop panic selling in markets world-wide.

Obama said Group of Seven finance ministers "must take coordinated steps to restore confidence and to maintain our financial markets and institutions."

(Reporting by Caren Bohan)
Barack Obama


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