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Israel’s Tel Aviv Stock Exchange delayed the start of the week’s first session after pre-market trade showed the benchmark index dropping more than 6 percent because of concerns over the U.S. debt-rating cut. Exchange spokeswoman Idit Yaaron said the start was pushed back by 45 minutes “so market players will have time to react logically and not under pressure.”

U.S. markets and others reopen Monday but have had rough patches recently. The Dow Jones Industrial Average dropped 512 points Thursday, its worst performance since the financial crisis of 2008, and regained only a fraction of that drop Friday.

Japan’s Nikkei index lost ground in the past week because of debt-crisis developments.

Both Italian Premier Silvio Berlusconi and European Union Monetary Affairs Commissioner Olli Rehn on Friday called for coordination between G-7 countries, saying the crisis has to be tackled on a global level.

The G-7 includes Britain, Canada, France, Germany, Italy, the U.S. and Japan, while the G-20 includes those countries and others with large and emerging economies.

Many economists see the world’s big central banks as the last line of defense at this moment in the crisis, after policymakers in Europe and the U.S. have failed to agree on the kind of shock-and-awe moves that many investors demand.

In the eurozone, the summer recess of national parliaments is delaying the implementation of crucial changes to the currency union’s bailout fund that could help save Italy and Spain from expensive bailouts.

Many investors also have been calling on the U.S. Federal Reserve to start pumping money into the American economy again to help underpin the slowing economic recovery.

Associated Press writers Kelly Olsen in Seoul and Christopher Bodeen in Beijing contributed to this report.