June 11, 2009 / 6:43 PM / 10 years ago

UPDATE 1-Geithner to meet with Russia, Japan ministers at G8

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WASHINGTON, June 11 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Friday will meet Japanese Finance Minister Kaoru Yosano and Russian Finance Minister Alexei Kudrin in Italy, the Treasury Department said on Thursday.

The bilateral meetings are part of the Group of Eight finance ministers meeting in Lecce, Italy. The G8 meetings are scheduled for June 12-13.

The finance ministers’ session will aim to set an agenda for a July 8-10 gathering of political chiefs in Italy, where U.S. President Barack Obama will join other world leaders.

Russia said on Wednesday it would reduce the share of U.S. Treasuries in its reserves and buy bonds issued by the International Monetary Fund.

Russia holds about 30 percent of its reserves in U.S. Treasuries. The country had pledged to buy about $10 billion worth of bonds to be issued by the IMF as part of a fundraising effort to help countries hit by the crisis.

The G8 consists of the United States, Japan, Germany, Great Britain, France, Italy, Canada and Russia. (Reporting by Nancy Waitz; Editing by Neil Stempleman)

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