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Sunday, July 05, 2009

Gordon Brown Sounds "Second-wake up call for the world economy"

by Calculated Risk on 7/05/2009 10:13:00 PM

"There are many voices saying that the worst of the downturn is over, but there is no room for complacency."
If we do not take the necessary action now to strengthen the world economy and put in place the conditions for sustainable world growth, we will be confronted with avoidable unemployment for years to come."
Gordon Brown, July 6, 2009

From The Times: Recession may get worse, Gordon Brown warns world leaders
The worst of the recession may be yet to come and world leaders are in danger of hampering the recovery, Gordon Brown will say today.

As he begins a week of meetings with world leaders, the Prime Minister will strike an unexpectedly gloomy note about the prospects of an upturn and will demand that fellow heads of government “sound a second-wake up call for the world economy”.
Mr Brown will also say that although public finances need to be sustainable in the long term, “now is not the time for fiscal contraction”.
Maybe Brown was reading Roubini!