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European austerity wins over at G20

06-28-2010 11:47 BJT Special Report: Hu Visits Canada, Attends G20 Summit |

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US President Barack Obama didn't get everything he hoped for at the G20 summit as the US was forced to give in to European demands for a new emphasis on budget austerity.

European countries like Germany have been the G20 targets as countries with a trade surplus that need to do more to boost domestic demand. However Germany's finance minister singled out public sector debt as the key barrier to boosting domestic demand.

He said deficit cuts would help steer Germany to a path of sustained growth. German, British, and other European officials succeeded in tilting the balance in the financial communique towards a focus on fiscal tightening. While Europe did not get global support for a bank levy, it did get G20 backing for some form of contribution from the financial sector to pay the cost of government interventions in rescuing the sector.

Editor:Zhang Jingya |Source: CCTV.com

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