G-7 countries seek to reassure markets

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.