Bush: 'Confident' G7 will unite on crisis

WASHINGTON, Oct. 11 (UPI) -- U.S. President George Bush says he's "confident" the Group of Seven nations will be able to act together to defuse the global economic crisis.

Appearing outside the White House Saturday flanked by the leaders of six other nations, Bush encouraged the world's advanced economies to "not wall themselves off" and work hand-in-hand to craft a coordinated response to the accelerating meltdown of global stock and credit markets.

"I'm confident that the world's major economies can overcome the challenges we face," Bush said. "There have been moments of crisis in the past when powerful nations turned their energies against each other, or sought to wall themselves off from the world.

"This time is different."

U.S. Treasury Secretary Henry Paulson told The New York Times Friday's meetings were positive because the U.S., Britain, Germany, France, Italy, Canada and Japan have committed themselves to five principles, ranging from preventing the failure of important banks to protecting the bank deposits of savers.

But a hoped-for coordinated G7 strategy of injecting government capital directly into key banks in return for ownership stakes failed to gain a consensus observers said, mainly because of opposition from Germany.