Finance Chiefs at Lakeside Look Away From Looming Debt Mountain [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
Despite a trajectory of rising borrowings and the International Monetary Fund's declaration last month that “now is the time” to restore sustainable budget policies, that subject doesn't appear on the formal agenda for Group of Seven finance ministers set to gather in the lakeside town of Stresa. The topic's sensitivity isn't surprising given looming electoral tests in the US, UK and European Union — and a precarious fiscal situation in Italy, the host nation. Even so, with high borrowing costs hurting and debt increasing, the lack of a collective resolve risks storing up trouble. “Debt is definitely the elephant in the room at this G-7,” said Koen De Leus, chief economist at BNP Paribas Fortis in Brussels and co-author of a new book focusing on public finances, The New World Economy in 5 Trends. “But it's hard to address this issue now, pre-elections, because there are no easy solutions.” The meeting that begins with dinner on Thursday and formally kicks off on Friday will foc
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