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G-7 ministers to hold phone talks early Monday
G-7 ministers to talk early Monday on market stability after US rating downgrade, report says
By The Associated Press

TOKYO (AP) ' Financial ministers from the Group of Seven leading economies are to hold a teleconference Monday to discuss world market stability.

Japanese media say deputy finance ministers agreed Sunday on a conference call among the higher-level ministers. Kyodo News agency reported it would likely be held before Asian markets open Monday morning.

The countries are concerned the historic downgrade of the U.S. credit rating Friday would deal a significant blow to consumer and business confidence and financial markets. Stocks tumbled in Middle East markets Sunday on their first day of business since the downgrade.

The leaders from Britain, Canada, France, Germany, Italy, the U.S. and Japan are also expected to discuss the eurozone sovereign debt concerns.

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