Leika Kihara and Yoo Choonsik
Aug 7, 2011
Global policymakers held an emergency conference call on Sunday to discuss the twin debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession.
After a week that saw $2.5 trillion (1.52 trillion pounds) wiped off global stock markets, political leaders are under mounting pressure to reassure investors that Western governments have both the will and ability to reduce their huge and growing public debt loads.
South Korea said finance deputies from the Group of 20 major economies discussed the European debt crisis and U.S. sovereign rating downgrade on Sunday morning in Asian time zones.
A Japanese government source said finance leaders from the Group of Seven big developed economies would also discuss the crisis and may issue a statement afterwards, although the timing of such a call was unclear.