There is nothing, nothing on this planet more boring than a communique from an international meeting. The phone book is more interesting — at least there’s an occasional funny or odd name. But communiques are carefully vetted to make sure that not a single word ruffles anyone’s feathers (way back when, I witnessed a harsh dispute over whether the phrase “nurturing the economic recovery” could be included — did it suggest that the recovery was somehow immature or unable to take care of itself?)

But today, I’m on tenterhooks waiting for the G7 communique. The Italians have already said they wouldn’t sign the draft, because it was too weak. The tone and, possibly, the specifics of today’s statement will provide a major clue as to whether the world’s top economic powers are prepared to deal with the financial crisis, or will continue to drift.

Let’s hope for a favorable surprise.

Update: And here it is. My initial take: it’s written in code — and that’s a bad thing. For example, that phrase about “Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources” sounds to me as if there was some tense negotiation over language that two warring parties could live with — one (presumably the Brits) wanting a British-type recapitalization, the other (Paulson?) still hoping that the Warren Buffetts and Saudi princes of the world will come in and save the day. That’s not at all a good sign — and anyway, will investors be able to crack the code, or will they just see that the G7 statement was vague, and panic further?

I think the finance ministers just failed a test, or at best got a C minus.

Update update: Paulson says he’ll move ahead on recapitalization, but also seek private capital. So the communique represents the United States arguing with itself, as well as with others.

Listening to Paulson: Where are the guarantees? It’s only a half-Gordon: not the whole British plan.

And while I generally despise body language/tone of voice stuff, I have to say that Paulson sounds terrified.