G-7 countries seek to reassure markets

WASHINGTON – Finance officials from major industrial countries, seeking to calm nervous global markets, are pledging increased cooperation to attack economic problems.

Finance officials from the Group of Seven industrial countries issued a joint statement late Sunday saying they were committed to taking all necessary measures to support financial stability and growth.

The G-7 statement came after the group held an emergency conference call to discuss the debt crisis in Europe and market prospects following the announcement of the first-ever downgrade of the credit rating of the U.S. government.

U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke participated in the G-7 call.