Global leaders to discuss debt crisis, market turmoil

TOKYO - Global policymakers were arranging emergency conference calls to discuss the debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession.
A Japanese government source said on Sunday that finance leaders from the Group of Seven big developed economies may issue a statement after a call, although the timing of any discussion was unclear.
After a week that saw $2.5 trillion wiped off global stock markets, political leaders are under growing pressure to reassure investors that Western governments have both the will and ability to reduce their huge and growing public debt loads.