Tue Oct 17, 2017 | 20:48
Canada urges boost to econ recovery
Sat, 19 Jun 2010 06:45:47 GMT
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Canadian Prime Minister Stephen Harper
The Canadian prime minister has warned against a lingering debt crisis in Europe, urging governments to work together for a speedy economic recovery.

Speaking ahead of a G20 summit scheduled to be held in Toronto, Canada's Premier Stephen Harper urged eurozone to start stabilizing its budget deficit and find a sustainable solution for what he called "a fragile recovery."

Harper asked the European Union to follow through with its promise of stimulus spending to kick-start the global economy.

The Canadian premier called for major reforms and a push towards growth in Europe, saying the European countries were in need of a long-term plan to balance the budget deficit in a responsible way.

The remarks come as the EU has been hit with its worst financial crisis in decades with experts expressing concern that the 27-nation bloc may not be able to curb the economic downturn.

Canada plans to host back-to-back G8 and G20 summits from June 25 to June 27, during which leaders of the 20 largest economies would discuss key issues affecting the global economy.

Harper also sent a letter to his G20 counterparts, urging them to cut their budgetary deficits in half by 2013 and stabilize debt-to-GDP ratios by 2016.

"We should agree that these plans will halve deficits by 2013 and stabilize government debt-to-GDP ratios or put them on a downward path by 2016," the letter read.

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