Berlusconi Says Leaders May Close World's Markets

[Nostalgia]

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

http://www.bloomberg.com/apps/news?p...d=aP5mpMUORBWM

[Nostalgia]

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi reversed his comments that leaders are discussing closing the world's financial markets while they ``rewrite the rules of international finance.''

``I heard it on the radio,'' Berlusconi said about an hour after his initial comments his spokesman confirmed. ``The hypothesis wasn't put forward by any leader, including myself.''

An hour earlier, during a press conference in Naples following a Cabinet meeting, Berlusconi said, ``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed.''

The Dow Jones Industrial Average, which fell as much 8.1 percent in early trading, pared much of those losses after Berlusconi's remarks. The Dow was down 3.3 percent at 11:04 a.m. in New York.

White House spokesman Tony Fratto denied that there were plans to close financial markets. He made the comment just before Berlusconi reversed his original statement.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

The Bretton Woods Agreements were adopted to rebuild the international economic system after World War II in a hotel in Bretton Woods, New Hampshire. The aim of the agreements was to establish a monetary management system, initially by pegging currencies to gold. The IMF was set up later to help manage the international financial system.

http://www.bloomberg.com/apps/news?p...d=aDFVOyQz19RI

[jamiedb]

Silvio! Man, did you forget EVERYTHING while you were on vacation? Don't forget - loose lips sink CDO slips. Turn off your NWO radio, take your head out of Bush's nether parts, and be a team player! No more releasing news before its time! Or we'll have to let Tony Fratto carve you a new wormhole....