The major world financial leaders met in Canada last week and agreed on the tentative nature of the economic recovery. They disagreed somewhat on what to do about it.
On warnings from the Bank for International Settlements (BIS) about countries falling further and further into debt, many of the major economic powers resolved to cut deficits as a first priority. The U.S. warned others in the G-8 not to cut too much too fast in order to keep the recovery going. The U.S. promised to cut the deficit in the medium-term rather than in the near-term. Other countries, fearing that accumulating further debt would limit the flexibility to bail out national banking systems if necessary, pledged to cut deficits faster... (Click here to read the original article about the fragile world economy)
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