G7 group to discuss US financial crisis

A meeting of the G7 group of leading nations will convene in the United States tomorrow to discuss the global financial crisis.



The finance ministers are expected to deliberate on ways to tackle the banking crisis.



The meeting comes after six of the main central banks cut interest rates by half a percentage point yesterday.



Analysts have warned that the economic turmoil could be far from over.



Meanwhile, a cut of interest rates in the UK from 5 to 4.5 percent has prompted six mortgage lenders to immediately reduce their rates.