This article was last updated on April 16, 2022
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Canadian Prime Minister, Stephen Harper and his British counterpart, David Cameron has issued some serious cautions on Thursday in their speeches to the Canadian Parliament on the darkening economic outlook.
They bluntly warned the whole world about an upcoming recession that needs to be tackled in advance with the mutual consent of world’s leading nations. They have also suggested taking on careful economic measures to battle this situation. Both the men have straightforwardly depicted the economic consequences that will occur unless key leaders would take on final, decisive but tough action to deal with the worst debt crisis ever that threatens to turn economic recovery back into full-scale recession.
Harper and Cameron also highlighted the importance of being clear on the facts and figures while sharing his analysis regarding the origin of the prevailing economic problems and an excellent way to fix them. They explained that the debt burden is increasing over and it is not a traditional and cyclical recession. Instead, it is a damaging debt crisis and needs full political determination from eurozone to seriously battle it.
Harper praised Cameron for emphasizing global leadership on the need to reduce deficits and debt levels, which would in turn minimize the risk of the occurrence of debt crisis. The same day, Harper and the leaders of Britain, Australia, Indonesia, Mexico, and the Republic of Korea sent an open letter to French President Nicolas Sarkozy, the current chair of the G20. In the letter, they called for a strongly collaborative action at an early-November meeting of G20 leaders in Cannes, France to ensure global economic stability. Specifically the debt levels in the Eurozone were pointed out as the major threat to the world economy as before it, the eurozone leaders had refused to agree a lasting settlement to stabilize the single currency.
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