TORONTO — They talked nice, but President Barack Obama and European leaders failed Saturday to bridge a fast growing divide over government spending and will emerge from a weekend summit charting different courses for ending the global recession.Obama will head home Sunday night with his government's foot still on the spending accelerator to stimulate the economy, saying it will cut back la
– Here are some developments as leaders of the Group of Eight advanced economies and Group of 20 advanced and emerging economies meet in Canada.TOP DEVELOPMENTS * The world's richest economies, loaded with debt after spending their way out of the financial crisis, papered over differences on how to clean up their finances with minimal damage to growth.DEFICIT REDUCTION/STIMULUS TENSIONS * T
HUNTSVILLE, Ontario – The world's richest economies, saddled with huge debts after spending their way out of the credit crisis, papered over differences on Friday on how to clean up their finances with minimal damage to growth.Leaders from the Group of Eight, a club that spans the large industrialized nations and Russia, met in Canada before a broader summit with China and other rising eco
Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday. European participants are of the opinion that this is urgently necessary to prevent such crises from happening again in the future, Merkel said in her weekly podcast.Leaders of the 20 biggest developed and developing e
German Chancellor Angela Merkel said on Saturday spending cutbacks are needed following the spate of throwing money at the global economic crisis, in a direct counter to US President Barack Obama.Referring to the G20 summit in Canada next weekend, Merkel said in a videotaped message that we are going to discuss when to quit the phase of short-term measures and go on to lasting budget consolidati
Europe's leaders will crack the whip Thursday on excessive government borrowing, laying the foundations for cross-border economic government, as Spain comes under pressure.A deal to get tough on states that breach European Union limits on annual overspends will be extended to tackle long-term debt, which will now be widened to incorporate sometimes vast private and personal repayment needs.While
General Motors on Wednesday abandoned its quest for European state aid for its loss-making Opel unit, saying it had the financial firepower to pay for a restructuring itself. The validity and reasons for requesting government guarantees have ...not changed but the process has proven to be much more complex and longer than anticipated, the US auto giant said in a statement. GM?s recently improved
Opel is withdrawing requests for state aid from European governments, it said on Wednesday, abandoning months of talks and leaving parent General Motors to fund the restructuring of its European arm.The move follows Germany's denial of help with loan guarantees last week. The decision of the German government ...was disappointing and means that the conclusion of these guarantees is again likely t