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Rich G7 can’t go it alone to calm economic storm

Reuters – Finance ministers from rich nations, when they meet on Friday, will face less economic turbulence than at their last gathering two months ago, but they recognize they need developing nations to step up spending to revive the world economy.

Acknowledging the growing economic might of developed nations, U.S. Treasury Secretary Timothy Geithner scheduled a gathering of officials from the Group of 20 wealthy and emerging economies next Friday immediately on the heels of a meeting of the rich Group of Seven.

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