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Debt crisis: govts try to calm storm

Stocks worldwide plunged as fears about Greece’s debt crisis went global, with investors seeing it as an omen of turmoil in other European economies and governments struggling to calm markets.

business Updated: May 07, 2010 21:48 IST

Stocks worldwide plunged as fears about Greece’s debt crisis went global, with investors seeing it as an omen of turmoil in other European economies and governments struggling to calm markets.

Group of Seven finance ministers were to discuss the situation in a conference call after Federal Reserve officials expressed concern and the White House said President Barack Obama was watching developments closely.

Euro zone leaders were scheduled to meet for a special summit late on Friday to put their political stamp of approval on the EU-IMF deal to release 110 billion euros over three years to help Greece overcome its debt and deficit crisis.

The German parliament approved its big share of the bailout. Italy’s cabinet has given initial approval, and the Dutch parliament was expected to vote for the package. Reuters