Prime Minister Jean Chrétien: "Liberal" or "Conservative" on fiscal issues, social issues?...
Soaring deficits damage world economy: PM
Last Updated Thu, 29 May 2003 20:03:42
ATHENS - The world's eight leading industrialized nations should follow Canada's lead and eliminate deficits, Prime Minister Jean Chrétien said Thursday.
The prime minister told business leaders in Athens that growing budget shortfalls are a threat to the world's economic stability.
Jean Chrétien
"Money oriented to pay the deficits of all the nations will be money not available for investment in the private sector," Chrétien said, adding that it wasn't easy to achieve Canada's five consecutive budget surpluses, but it was rewarding.
"This creates a business climate that encourages growth," he said.
As leader of the economic discussions at next week's G-8 summit in France, Chrétien said delegates will discuss how to boost the world's most important economies – the U.S., Japan and Europe.
European Commission President Romano Prodi agreed with the PM's assessment.
"The three so-called locomotives are on a standstill, so we have to put them on track with a joint, co-ordinated action," said Prodi.
FROM MAY 27, 2003: U.S. reacts to Chrétien's tough talk
Chrétien drew fire Wednesday after he criticized the $500-billion American deficit in an impromptu chat with reporters Tuesday.
The White House responded by saying the U.S. had to rebuild from terrorist attacks and helped lead the war in Iraq.
Copyright © CBC 2003
AI
Market Data 
Markets 
