World

Bush Tries to Calm World's Money Fears Before G7 Meeting

by Jarrett Martineau | October 10, 2008 at 11:56 am

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American President George W. Bush has "offered assurances" to the world that the U.S. government is 'doing all it can' to help keep its economy from tanking any further but, so far, the world remains unconvinced.

Global markets continued to be extremely volatile Friday ahead of 'crisis talks' between G7 leaders schedule to take place over the weekend.

US President George W. Bush offered assurances Friday, Oct. 10 that the US government was doing all it could to keep the world's largest economy afloat ahead of a meeting with other G7 leaders in Wasiungton.
Bush's comments came as global stocks were in free-fall and ministers from the world's richest nations prepared for a crucial meeting.

Bush said a "startling" drop in US stocks in the last few days was being "driven by uncertainty and fear" and insisted the US already had all the tools necessary to resolve the financial crisis.

"This has been a deeply unsettling period for the American people," Bush acknowledged. "We will continue to act to resolve this crisis and restore stability to our markets."

US stocks have plummeted more than 10 percent in the last three days and continued falling on a wild trading day Friday. European stocks also tumbled, leading some countries to temporarily halt trading.