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GORDON BROWN’S carefully laid plans for a G20 deal on worldwide tax cuts have been scuppered by an eve-of-summit ambush by European leaders.
Angela Merkel, the German chancellor, last night led the assault on the prime minister’s “global new deal” for a $2 trillion-plus fiscal stimulus to end the recession.
“I will not let anyone tell me that we must spend more money,” she said.
The Spanish finance minister, Pedro Solbes, also dismissed new cash being pledged at Thursday’s London summit.
They could also just be setting themselves up to look like they don't have a choice when they finally lay this whole thing down on us. They will play it as the last possible resort, that's the only way the people will really agree
I must've missed that--Obama rejecting China's one currency idea. Over here in Germany on CNN International, they said quite often last week how the Obama Administration/Treasury Department were open to the idea.
It's funny, I thought Obama was for a new world currency or at least the Amero but now that China is proposing a new global currency, Obama is suddenly dismissive of the idea.
“In these conditions I and the rest of my colleagues from the eurozone believe there is no room for new fiscal stimulus plans,” he said.
Nicolas Sarkozy, the French president, has insisted that “radical reform” of capitalism is more important than tax cutting.