World leaders pledge to reduce global deficits

Monday, 28 June 2010, 05:59 Hrs
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Toronto: World leaders today endorsed a bold pledge by rich nations to slash budget deficits in half in three years despite concerns by some that cutting stimulus spending too quickly could stall the global recovery.

The deficit-cutting goal was outlined in a final statement from the top 20 industrial and developing nations at their weekend summit. The Associated Press obtained a copy before its official release.

Canadian Prime Minister Stephen Harper, host of the G-20 summit, said it was critical that the countries "send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order."

The deficit pledge would mean cutting the red ink in half within three years and getting total debt stabilized by 2016.
Source: PTI
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