Oil Prices Rise as Prospects for U.S.-Iran Peace Deal Fizzle
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Oil prices rose and stock futures ticked down as investors reacted after
the two sides failed to agree on a U.S.-Iran peace deal.
55 minutes ago
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But other G7 members, including Germany, took a harder line and objected to the idea of more stimulus on the grounds that it conflicted with earlier international agreements to reduce budget deficits rapidly across the G7 and G20 – particularly a commitment from 2010 to halve deficits by 2013.
ReplyDeleteWolfgang Schäuble, German finance minister, said: “We said that too high deficits are a main problem ... therefore the course of deficit consolidation has to be continued.”
European officials noted that the disputes between Germany and the US over the necessary fiscal actions to stem the crisis remained heated, but tension was diffused in agreeing to differ.
After the meeting François Baroin, French finance minister, said: “”We have to get away from the idea there is only one solution for all ... it’s not rigour versus growth.”