European leaders today set out to try to persuade global markets that Greece's debt crisis will not spread and derail economic recovery.

European leaders today tried to convince shaky markets the Greek debt crisis will not spread and derail the hesitant economic recovery.

The world’s seven largest economic powers today urged Russia to accept an immediate cease-fire with Georgia.

Finance ministers and central bankers from the Group of Seven industrialised economies gathered today to take stock of global economic health amid worries that a US slowdown may stifle global growth.

A solution to the crippling debt burden of poor countries has eluded finance ministers and central bankers from around the world, but there are expectations an agreement could be reached later this year.

Finance officials from the world’s seven richest countries sought to calm jittery financial markets today by pledging “vigorous action” to deal with problems, including soaring energy prices, that could undermine global growth.

Some the world’s major central bankers have warned the US that the international community could be running out of patience with the massive US budget and trade deficits that have pushed the dollar lower and increased the cost of their exports in America.

US Treasury Secretary John Snow has cancelled his trip to London for weekend meetings of the world’s seven richest industrial countries because he is ill with a cold.

Two weeks after a tsunami slammed into coastlines around the Indian Ocean, thousands of bodies were still being pulled out of the mud and world leaders visiting the region were shocked at the devastation.

THE dollar will extend its 14% drop against the euro in the past 12 months and decline against the yen after the Group of Seven finance ministers called for flexible exchange rates, according to Merrill Lynch & Co.

Finance officials from the world’s seven top industrial powers agreed today on the need to intensify their efforts to combat terrorist financing but sharp differences remained over how to improve foreign aid programmes.