G7 ministers hold teleconference on Greek crisis

Group of Seven finance ministers held a telephone conference Friday on the Greek debt crisis and the plunging euro, Japan's Finance Minister Naoto Kan said. "We heard a report on efforts in Europe to stabilise the euro," Kan told reporters at his ministry.
But he played down the possibility of G7 nations taking any immediate, fresh action as the euro continued a downswing, saying: "It is not that we are going to do something new right now." Financial leaders of the G7, which groups Britain, Canada, France, Germany, Italy, Japan and the United States, have reportedly held a series of telephone meetings since May 7.
The European single currency nose-dived to an 18-month low on Friday and equities slumped as markets were slammed by continued concerns at the eurozone's debt crisis and the plight of Greece. Dealers moved to offload euros in Asian trade on Friday, unconvinced that Europe's economic problems had been laid to rest by a trillion-dollar rescue package put together by the EU and IMF. Greece has launched austerity measures including spending cuts and tax hikes, as demanded by eurozone partners and the International Monetary Fund in return for a 110 billion euro (145 billion dollar) bailout.