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Tuesday, January 17, 2010
Excerpts from article:
*In Europe, “Austerity as the solution is just wrong,” and will hurt confidence.
*European leaders have said they may complete a new rulebook for fiscal discipline by Jan. 30,
*Europe they is trying to contain a crisis that has forced Greece, Ireland and Portugal into bailouts.
*Standard & Poor’s stripped the European Financial Stability Facility, the region’s rescue fund, of its top credit rating yesterday after earlier downgrading France and Austria.
*There could be a “very serious” downturn in Europe, which needs to bolster growth
*In China There is a case for slower appreciation in the nation’s currency, the yuan, Stiglitz says
*The currency should be included in the International Monetary Fund’s Special Drawing Rights.
*Asia is doing “very well” and can manage the current downturn, Stiglitz said. He told the briefing that the region can take steps to counter global risks, citing the decision last month by the People’s Bank of China to allow banks to set aside less of their deposits as reserves,
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