G7 ministers on Greek crisis

May 7, 2010
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, TOKYO, May 7 – Group of Seven finance ministers plan to hold a conference call Friday on the Greek debt crisis, Japan\’s Finance Minister Naoto Kan was quoted as saying by Dow Jones Newswires.

Kan said he did not think the G7 would jointly intervene to buy the euro, which has been sliding against major currencies amid fears of contagion from the sovereign debt crisis, the report said.

"I don\’t think the talk will proceed along the lines" of reaching an agreement to intervene to buy the euro, Kan said at a regular news conference. "I don\’t think there will be a request for intervention."

World stock markets tumbled Friday and the euro slid as fears grew over the fallout from Greece\’s debt crisis, with Japan\’s Nikkei ending the morning session down 3.74 percent, following sharp overnight drops on Wall Street.

Moody\’s ratings agency on Thursday warned that the fallout from the Greek debt crisis presented a risk of "contagion" for the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain.

Greece has launched austerity measures including spending cuts and tax hikes, as demanded by eurozone partners and the International Monetary Fund in return for a 110 billion euro (145 billion dollar) bailout.

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