Economic Powers Want To Limit Credit Crisis

Friday, October 19th 2007, 9:46 pm
By: News On 6

WASHINGTON (AP) -- Finance officials from the world's top economic powers are pledging to do all they can to limit damage to the global economy from the credit crisis.

In a joint statement issued in Washington, the finance officials warn "uneven conditions are likely to persist for some time and will require close monitoring."

They didn't spell out a specific course of action, but said they will study the causes and lessons from the recent turmoil in the financial markets. The comments came on a day of Wall Street jitters. The Dow closed down almost 367 points for its fifth straight loss.

Much of the recent turmoil is blamed on a housing slump in the United States and problems in the mortgage industry that have led to credit drying up for more risky borrowers.

Rising oil prices also are complicating the global outlook.