G-7 countries call for renewed common effort against cybercrime


With the mountain of bad loans estimated as high as 360 billion euros, the government is seeking to avoid a resolution for the weakest lenders that would impose heavy losses on savers and retail investors.

"After every chat with Padoan, I'm a little bit less worried" about Italy's banks, German Finance Minister Wolfgang Schaeuble told reporters in Bari.

Japanese Finance Minister Taro Aso leaves at the end of a plenary session during a G7 of Finance Ministers and Central Bank Governors meeting, in Bari, southern Italy, Friday, May 12, 2017.

They include faster-than-expected USA interest rate increases, which could affect some developing economies by triggering an outflow of capital and investment, and China's reliance on excessively rapid credit expansion for growth.

US Treasury Secretary Steven Mnuchin meets the press at the end of the G7 summit of finance ministers in Bari, Italy on Saturday.

Mnuchin is taking the opportunity to lay out the Trump administration's views on trade.

Attention also focused on Trump's plans to cut US corporate taxes. -Canada trade relationship is to both economies. The Organization for Economic Cooperation and Development, a group representing many advanced economies, has urged the U.S.to lower its corporate tax rate. "We're going to try to get this done as quickly as we can".

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Bank of France Governor Francois Villeroy de Galhau said there was a "light breeze" of optimism within the G7 about the recovering global economy after years of sluggish growth following the financial crisis that began almost a decade ago.

BARI, Italy (AP) - Finance officials from seven rich countries warned that long term growth could remain subdued and that steps need to be taken to make the global economy work for everyone.

They also called for a renewed common effort against cybercrime, a timely message in the wake of Friday's ransom ware attacks in dozens of countries.

Group of Seven financial chiefs discussed the worldwide cyber attack that affected nearly 100 countries on Friday but have no idea who was responsible, Italian officials said.

Their meeting paves the way for a gathering of national leaders, including US President Donald Trump, in Sicily on May 26-26.

The finance ministers and central bank governors from Britain, Canada, France, Germany, Italy, Japan and the United States also pledged to use all policy tools - monetary, fiscal and structural; individually and collectively - to promote sustainable and inclusive growth. The group's agreements, presented in the form of a final statement, aren't legally binding; instead they represent the leaders' political commitment to follow through.