Berlusconi Says Leaders May Close World's Markets (Update1)

[Polly]

Found at http://www.drudgereport.com

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM
 
I removed the article and just left the link because when I copied and pasted it, it came out weird with smileys and html code in it.
 

[Richard]

It works if you copy the story to notepad and then copy your notepad and paste it to the forum. Copying to your notepad removes all the code from it.

By Steve Scherer

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM

[Richard]

U.S. Has No Plan to Close Its Financial Markets (Update1)

By Holly Rosenkrantz

Oct. 10 (Bloomberg) -- The U.S. has no plans to close its financial markets, White House spokesman Tony Fratto said.

``There are absolutely no plans or discussions to interfere with the functioning of markets in the United States,'' Fratto said in an e-mailed response to a question.

Fratto was responding to comments today from Italian Prime Minister Silvio Berlusconi, who said that governments may shut financial markets as the credit freeze pummels stocks and threatens a global recession.

Berlusconi later today reversed the comments he made earlier in Naples, saying world leaders are not considering market closures.

To contact the reporter on this story: Holly Rosenkrantz in Washington at [email protected].

http://www.bloomberg.com/apps/news?pid=20601087&sid=aeyZU6z6eZkI&refer=home

[Polly]

I get a kick out of how these "leaders" will say one thing one day and the next day they say the opposite and it is all just business as usual.  Hehe.