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The US doesn't need no stinkin' allies
Banking crisis: G7 nations approve US rescue plan - but won't follow its lead
US Treasury secretary Henry Paulson said he was 'aggressively' encouraging other countries to put in place similar schemes
The G7 group of finance ministers and central bank governors today welcomed the $700bn (£bn) US bailout plan for the financial industry but there was no sign that other governments would follow Washington by drawing up similar rescue packages.
The G7 vowed to take "whatever actions may be necessary" to ensure the stability of the global financial system. The group said that it strongly supported the US Treasury plan to purchase up to $700bn in toxic mortgage debt and other securities. It also welcomed measures taken by other countries to limit the turmoil, such as a temporary ban on short-selling of stocks or central banks' capital injections into markets.
US Treasury secretary Henry Paulson said yesterday he was "aggressively" encouraging other countries to put in place similar schemes to his plan. But other governments were reluctant to follow Washington's lead in setting up funds to buy bad debts from crisis-stricken banks.
"At the moment, I don't think Japan needs to launch a program similar to that of the United States," said the Japanese vice finance minister Kazuyuki Sugimoto, echoing similar comments from Britain, Germany, France and the European Union.
In London, a Treasury spokesman said Britain was adopting different tactics, including a £100bn special liquidity scheme for banks and last week's intervention to aid Lloyds TSB's takeover of HBOS.
The world's major central banks have already joined forces with the US Federal Reserve to pump hundreds of billions of dollars into financial markets to ease the credit crunch.
Contacts have been intense as governments try to come up with a joint response to a financial crisis widely seen as the worst since the 1930s.
The French president, Nicolas Sarkozy, whose country holds the rotating EU presidency, is visiting the US this week for a United Nations meeting and is expected to talk to officials there about the financial crisis. The British prime minister, Gordon Brown, said last week he was in touch with Sarkozy about formulating a joint EU response.
European leaders have said that their banks are better balanced than their US counterparts and do not face the dramatic problems that led to the collapse of Lehman Brothers and the bailouts of other Wall Street firms.
US Treasury secretary Henry Paulson said he was 'aggressively' encouraging other countries to put in place similar schemes
The G7 group of finance ministers and central bank governors today welcomed the $700bn (£bn) US bailout plan for the financial industry but there was no sign that other governments would follow Washington by drawing up similar rescue packages.
The G7 vowed to take "whatever actions may be necessary" to ensure the stability of the global financial system. The group said that it strongly supported the US Treasury plan to purchase up to $700bn in toxic mortgage debt and other securities. It also welcomed measures taken by other countries to limit the turmoil, such as a temporary ban on short-selling of stocks or central banks' capital injections into markets.
US Treasury secretary Henry Paulson said yesterday he was "aggressively" encouraging other countries to put in place similar schemes to his plan. But other governments were reluctant to follow Washington's lead in setting up funds to buy bad debts from crisis-stricken banks.
"At the moment, I don't think Japan needs to launch a program similar to that of the United States," said the Japanese vice finance minister Kazuyuki Sugimoto, echoing similar comments from Britain, Germany, France and the European Union.
In London, a Treasury spokesman said Britain was adopting different tactics, including a £100bn special liquidity scheme for banks and last week's intervention to aid Lloyds TSB's takeover of HBOS.
The world's major central banks have already joined forces with the US Federal Reserve to pump hundreds of billions of dollars into financial markets to ease the credit crunch.
Contacts have been intense as governments try to come up with a joint response to a financial crisis widely seen as the worst since the 1930s.
The French president, Nicolas Sarkozy, whose country holds the rotating EU presidency, is visiting the US this week for a United Nations meeting and is expected to talk to officials there about the financial crisis. The British prime minister, Gordon Brown, said last week he was in touch with Sarkozy about formulating a joint EU response.
European leaders have said that their banks are better balanced than their US counterparts and do not face the dramatic problems that led to the collapse of Lehman Brothers and the bailouts of other Wall Street firms.
US acting alone when it has to
he is a sell out Scot 
No reason US taxpayers should bail them out. Its called risk for a reason.
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