The Washington Times - October 9, 2008, 12:23PM

 

President Bush will meet Saturday at the White House with finance ministers from the Group of Seven countries, as the U.S. and Europe try to ward off a global depression.

The White House announced the meeting Thursday morning, one day after the Federal Reserve acted in concert with European central banks in cutting interest rates.

“The president will have the opportunity to hear directly from the finance ministers about how the financial crisis is affecting their respective economies and the steps they are taking, to deal with these challenges, both individually and collectively,” said White House press secretary Dana Perino.

“The president will emphasize the importance of nations working in a coordinated way to address the crisis. While respecting the difference conditions in each economy, the meeting will also include the managing director of the IMF and the president of the World Bank,” Mrs. Perino said.

The G7 countries are: the United States, Britain, France, Japan, Canada, Germany and Italy. When Russia is involved in meetings of the body it becomes the G8.