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    Sunday, October 21, 2007

    America vetoes G7's dollar alert

    [...]

    US Treasury Secretary Hank Paulson vetoed French, Italian and German proposals to use the final statement from the Group of Seven (G7) finance ministers meeting to warn of the problems that are facing Europe due to the falling dollar.

    The US currency plunged to a record low against the euro of $1.4319 on Friday, amid market turmoil and falls in share prices around the world. In New York the Dow Jones dropped 370 points, while in London the FTSE 100 closed down 1.2 per cent over the week.

    The dollar's weakness, fuelled by fears about a potential recession in America, is making life extremely tough for European exporters. European ministers had hoped to register the G7's official concern about this at the meetings in Washington this weekend, but were vetoed by the US and other members of the G7.

    [...]

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    posted by TheFuriousGourmet | 9:49 AM

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