watch video ~ LinkSeptember 11, 2011
G7 addresses debt crisis and global recovery
Finance Ministers from G7 nations are in France for a second day of meetings on Europe's debt crisis and the health of the global economy. Huge divergences are apparent between different countries for solutions to the economic crisis.
Financial leaders from the world's most developed economies -- the US, Canada, Japan, the UK, France, Italy and Germany -- insist that each country treads its own path back to growth. But a common framework seems to have been reached between major European economies. Countries including Germany and France have agreed on spending cuts, although the United States continues to urge countries to increase spending to stimulate the economy.
Francois Baroin, French Finance Minister, said, "We don't have any other choice other than adding up plans of savings, but in these plans of savings, of measures that some are calling austerity measures - between us, it doesn't matter how you call it, these are savings."
Wolfgang Schaeuble, German Finance Minister, said, "The reduction of the high deficits needs to be continued. And within this framework everything has to be done to stabilize sustainable growth, depending on the different situation in the respective countries."
G7 finance ministers and Central bank governors pose for the official photo during their meeting in Marseille September 9, 2011.
G7 addresses debt crisis and global recovery
Finance Ministers from G7 nations are in France for a second day of meetings on Europe's debt crisis and the health of the global economy. Huge divergences are apparent between different countries for solutions to the economic crisis.
Financial leaders from the world's most developed economies -- the US, Canada, Japan, the UK, France, Italy and Germany -- insist that each country treads its own path back to growth. But a common framework seems to have been reached between major European economies. Countries including Germany and France have agreed on spending cuts, although the United States continues to urge countries to increase spending to stimulate the economy.
Francois Baroin, French Finance Minister, said, "We don't have any other choice other than adding up plans of savings, but in these plans of savings, of measures that some are calling austerity measures - between us, it doesn't matter how you call it, these are savings."
Wolfgang Schaeuble, German Finance Minister, said, "The reduction of the high deficits needs to be continued. And within this framework everything has to be done to stabilize sustainable growth, depending on the different situation in the respective countries."
G7 finance ministers and Central bank governors pose for the official photo during their meeting in Marseille September 9, 2011.
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