Berlusconi in US for talks on finance crisis

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Italy: Berlusconi in US for talks on financial crisis

Washington, 13 Oct. (AKI) - Italian Prime Minister Silvio Berlusconi discussed the world financial crisis while on a visit to the United States on Monday, where he was received by President George W. Bush.

Standing alongside Bush on the south lawn of the White House, Berlusconi said the world needed a coordinated effort to prevent a further crisis and avert a market meltdown.

"I'm 100 percent sure and confident that we have the means and ways to prevent this from happening," said Berlusconi.

"We are in a phase of global crisis which has never happened in the world economy".

Berlusconi arrived in the US after an emergency meeting of European leaders on Sunday in the French capital Paris. He also told the media that a G8 meeting of the world's leading industrialised nations and Russia would take place in the coming weeks.

Bush said the US is taking 'decisive action' to revive economic growth.

"In these times of economic turmoil, we're working with other governments to resolve the troubles of the financial market," said Bush at the welcome ceremony.

"All of us will continue taking responsible and decisive action to restore credit and stability and return to vigorous growth."

European markets opened strongly on Monday following the eurozone meeting in Paris and a meeting of G7 leaders that approved a five-point plan to unfreeze credit markets.

European Union leaders said on Sunday no big bank would be allowed to fail, and pledged to guarantee loans between banks until the end of 2009 and said they would inject capital into them by buying preference shares.

Major central banks have announced they will offer financial institutions an unlimited amount of short-term dollar loans to help stem the financial crisis.

The United States, Britain, France and Germany have all announced major rescue plans to shore up their financial institutions.

The Italian Government has pledged to inject as much money as needed without giving any figures.

Full story, source: ADN