Budgit deficit concerns in European economies dominated the G7 meeting
![]( "Budgit deficit concerns in European economies dominated the G7 meeting")
The G7 meeting, which includes finance ministers of the seven largest economies in the world, focused mainly on the widening budget deficit in Greece and debt crisis in other European economies during their two-day meeting held in Canada. The seven countries said they need to promote a common goal which is boosting the fragile recovery in global economies through their commitment to adopting policies that revive growth.
By the same token, the British finance minister Alistair Darling said that everyone is intending to support his economy in order to achieve a solid recovery. The U.S. Treasury Secretary Timothy Geithner in turn mentioned that it is necessary for the time being to concentrate on making sure that global economic recovery is not endangered to avoid falling again in the crisis that hit world economies in 2008.
With regard to the issue of the swelling public debt burden in some of the euro zone economies, which resulted in the collapse of global stocks last week to their lowest level in three months following concerns in Greece as well as the possibility of both the Spanish and the Portuguese economy to become another victims of the budget deficit crisis, finance ministers revealed the difficulty of breaking the policy of increased expenditure as it may cause recovery to falter.
However, during the press conference, the question of what are the procedures that the seven countries will undertake to resolve the debt problems, the Italian, German, and French finance ministers were reluctant to answer and did not mention any specific measures that will be adopted, while the Canadian Finance Minister stated that this issue will be addressed by the European Union and not by the G7. In addition, the Canadian finance minister said on behalf of all the G7 members that the seven countries will forgive all debts on Haiti, which struggled from a devastating earthquake on January 12.