Delegates are gathering for the G20 meeting in Mexico City. Insiders say that the so-called US fiscal cliff is outweighing Europe’s debt crisis in terms of short-term risks to the global economic output.
Unless the US Congress can reach a deal, 600 billion dollars in cuts and taxes will kick in in January, and could push the US back into recession.
India’s Finance Minister Shri P. Chidambaram wants swift action:
“The U.S. has to find answers to its fiscal cliff. Whoever is elected president on Tuesday would have to work with the U.S. congress and find answers. Europe would have to get its house in order. I don´t think Europe has seen the worst yet. I hope that they find answers and put Europe back on the growth path.”
A draft communique suggests there are elevated risks facing the global economy, including the crisis in Europe and potential problems in Japan. Few expect major agreements with several political heavyweights skipping the meeting.
Copyright © 2014 euronewsMore about:
- 1South Korea: Dramatic amateur footage emerges of final moments before stricken ferry capsizes
- 2Ukraine: US, Russia and EU strike deal after crisis talks
- 3Scientists find new Earth-sized planet that could host life
- 4Geneva talks defy predictions of failure but will words turn into actions?
- 5A mother’s slap signals mercy for a convicted Iranian murderer
- 1Ukrainian troops allegedly desert to join pro-Russian forces in Slavyansk
- 2As it happened : Kyiv and Moscow reach agreement on de-escalation roadmap
- 3‘Rubbish’: Putin slams claims that Russia is behind Ukraine revolt
- 4Pro-Russian activists seize Ukraine armoured vehicles
- 5Pictures and videos of April 15 lunar “Blood Moon” eclipse
Wires > News
- 17:18 CET Powerful earthquake rattles Mexico, shakes buildings
- 17:10 CET Bahraini man dies two months after being shot by police – family
- 17:05 CET Poles most worried about their independence in at least 23 years -…
- 16:35 CET Turkish president rules out role swap with Erdogan
- 16:24 CET Bomb blast kills 14 at mosque in Syria’s Homs – state TV
- 16:00 CET Vice-principal of South Korea school in ferry disaster commits…
- 15:59 CET Top Hollande aide quits in conflict of interest row
- 15:19 CET Algeria’s Bouteflika set for re-election, foes cry fraud