At a weekend meeting of the Group of 20 (G20) finance chiefs in Busan, South Korea, US treasury secretary Timothy Geithner said the world cannot again bank on the cash-strapped US consumer to drive growth and urged other nations to stimulate their own demand.
However, European Central Bank (ECB) president Jean-Claude Trichet said fiscal tightening in “old industrialised economies” would aid the expansion by shoring up investor confidence.
However, European Central Bank (ECB) president Jean-Claude Trichet said fiscal tightening in “old industrialised economies” would aid the expansion by shoring up investor confidence.
British chancellor of the exchequer George Osborne will this week follow moves enacted in Ireland last year by announcing details of a review of government spending, as he seeks to cut Britain’s record deficit. Mr Osborne is seeking support for cuts that will be the deepest since Margaret Thatcher was prime minister in the 1980s and will last longer than any other cuts since the second World War.
For more: G20 chiefs fail to agree on strategy for recovery - The Irish Times - Mon, Jun 07, 2010
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