G7 fails to reach debt deal
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Hopes of a deal to write off completely the debts of some of the world&#39;s poorest countries were dashed after the Group of Seven rich nations club failed to reach agreement.
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The G7 group of industrialised states, led by the UK, is set to back a moratorium on debt repayments from countries hit by the Asian tsunami.
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WASHINGTON -- Financial officials from the world&#39;s economic powers ended their meeting in Washington Sunday without a deal on debt relief for Iraq and other poor nations.
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WASHINGTON The world&#39;s economic powers, which ended three days of meetings yesterday, insisted they are moving closer to a deal on debt relief for Iraq and other poor nations even though an agreement has proved elusive.
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European Union finance ministers failed early Thursday to agree on tax breaks to ease the impact of high oil prices despite sharp prodding from France and dire warnings that they are threatening economic growth.
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The dollar fell to a new all-time low against the euro Monday after a weekend meeting of the Group of Seven finance ministers ended without a clear statement about weakness in the U.S. currency.
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European officials are increasingly alarmed by the U.S. dollar's slump against the euro &#151; but they aren't likely to get help from the United States or Asian countries at the G-20 meeting of industrial and developing countries that opened Saturday.
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Negotiators from the European Union and South America's four-nation Mercosur trade bloc on Wednesday failed to reach agreement on a deal to keep alive their attempt to create the world's biggest free-trade area.
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Global markets were down Thursday despite a plan by five central banks to inject capital into the banking system to ease credit fears.
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UK Chancellor of the Exchequer Gordon Brown said no deal has been reached on how to clear the debts of the world&#39;s poorest nations, a debate that has divided the UK and US governments.
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The United States, Germany and other G7 nations have agreed to write-off up to 80% of Iraq&#39;s so-called Paris Club debt. The agreement was made on the sidelines of the G20 meeting of rich and developing nations
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Europe and Japan failed yesterday to persuade the United States to address the decline in the dollar, despite talks at a fractious meeting of the Group of 20 industrialised and developing nations.
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The Group of Seven wealthy nations  pledged to increase Third World debt relief on Saturday but a  deal struck after major disagreements fell short of proposals  floated by British finance minister Gordon Brown.
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The deal whereby Russia was to repay its debts to Paris Club creditors has been postponed for an uncertain period of time.
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The International Monetary Fund's  top policy-making group failed on Saturday to close divisions  over debt relief for the world's poorest countries.
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The world&#39;s leading finance officials and ministers appear to be failing to reach agreement on debt relief for the poorest nations.
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The International Monetary Fund&#39;s top policy-making group on Saturday failed to close divisions over debt relief for the world&#39;s poorest countries.