Western countries discussed the possibility of collapse in the global stock market

The European debt crisis continues to deteriorate while the Standard& Poor cut the sovereign credit rating at Friday last week which caused the risk of collapse in the global stock market. At the end of this week, the western leaders consulted frequently and hoped to give clear messages to the market for avoiding the economic recession.

French President Sarkozy, German Chancellor Merkel and Italian Prime minister Berlusconi emergently communicated with each other to discuss the European debt crisis issues, since August 5. President Obama and those European leaders still hold consultation to coordinate their standpoints.

Source: Global Times

Translated and edited by Yang Jingmin

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