2. G-7 takes actions to calm nervous markets

The euro symbol shines in the sun in front of the European Central Bank in Frankfurt Main, Germany, on 06 July 2011. [CFP]

Faced with the European debt crisis and the US credit rating downgrade, the G-7 released a cooperative statement on August 8 that they will take all actions to maintain the stability of the economic market.

Finance ministers and central bankers of the G-7 countries said they will take assistive measures to maintain market liquidity.

The European Central Bank said earlier that it will carry out an Italian and Spanish debt purchase plan to stabilize prices in the euro zone. The action is considered as the first step toward boosting the markets.

Anxiety about the global economy and European debt crisis caused the global stock market value to lose about $2.5 trillion last week.