Zak Smith9/13/11EUROPEAN REALMQuote and source: “I do think the United States needs to try to prepare for what might happen if the European crisis is not resolved soon.”—Martin N. Baily, a senior fellow at the Brookings Institution and a former chief of the Council of Economic Advisors during the Clinton Administration. “Europe Is Urged to Take Bolder Action on Debt,” NY Timesonline, September 9, 2011.Synopsis: The Group of 7, a combination of the financial ministers from the United States, Canada, United Kingdom, Japan, France, Italy, and Germany, met on Friday the 9th, to discuss the current debt crisis and market fall-out going on in Europe. Rapid stock sell-offs continue to contribute to the unstable European markets without any sort of solution from the G-7. The G-7 is working on a way to reassure the public that the markets will turn around but they haven’t spoke of a specific resolution to the debt crisis. The European Central Bank is available to assist
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