Finance ministers meet in US

12/10/2008 08:12:38

United States President George Bush is urging countries to work together in combating the global financial crisis and has warned of the dangers of nations acting alone.

Washington correspondent Michael Rowland reports world finance ministers have been holding more discussions in Washington, trying to formulate strategies to fix broken credit markets and prevent more banks from collapsing.

Australia's Federal Treasurer Wayne Swan will take part in a meeting later Saturday, New York time, of the G20 group of rich and emerging nations.

All the gatherings are aimed at developing a coordinated global response to the financial crisis.

It's an objective underscored by President Bush, who convened his own meeting of finance officials at the White House.

"In an interconnected world, no nation will gain by driving down the fortunes of another," Mr Bush said.

"We're in this together, we'll come through it togetther."

The head of the International Monetary Fund, Dominique Strauss Kahn says the world's financial system is teetering on the brink of systemic meltdown.

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