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G20 to set debt target for leading countries

Britain and other major economies are set to agree to public debt reduction targets at future meetings of the G20, according to a senior official at this weekend’s summit in Moscow.

by Harry Wilson, and James Titcomb, The Telegraph:

The UK is expected to sign up to cutting total public debt from a forecast level of 85.6pc of GDP in 2016 to 84.8pc a year later.

The rest of the G7, including France, Italy and the US, will agree to similar targets at a September meeting of the G20 group of major advanced and developing countries in St Petersburg, the official told Reuters.

The plans were presented at a gathering of G20 finance ministers and central bank governors and builds on a pledge made at a previous meeting in 2010.

Christine Lagarde, the head of the International Monetary Fund, said countries would have to come up with their own plans on how to cut public debt.

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1 comment to G20 to set debt target for leading countries

  • 8Ball

    A total crock… As Gerald Celente has coined the phrase “Money Junkies”, these morons are never going to willingly stop borrowing and spending (money they can never hope to repay) and then passing off the bill to the general public.

    There is going to be a massive system reset and it will not be happy days for most of the world’s people.

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