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G-20 leaders ask Europe to throttle debt

Published by Steve Coleman on September 22, 2011

Leaders from six G-20 countries, including Canada, have asked the European Union to crack down on member debt.

In the letter to French President Nicolas Sarkozy, current G-20 chair, Australia, Canada, Indonesia, Mexico, the Republic of Korea and the United Kingdom called for "strong action" at the Nov. 3-4 Cannes Summit to bring world deficit and debt levels back under control.

Eurozone countries were singled out as one of the problem areas.

"While Canada's economic fundamentals remain sound, the risks to the global economy remain serious," Prime Minister Stephen Harper said in a statement. "It is crucial for governments to work together in a coordinated effort to restore growth and confidence, and to create jobs. Both advanced and emerging economies have important roles to play."

During the G-20 summit in Toronto, Canada convinced other world leaders to try and cut national deficits in half by 2013 and start working on debt by 2016. Leaders also started work on financial sector reforms and strengthening international financial institutions.

"At the height of the global financial crisis, the G-20 showed the international community that leaders could work together to deal with global instability," Harper said. "In Cannes, we must once again send a clear signal to the world that we are ready to take the strong actions necessary to maintain future growth and stability for all."

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