G20 finance leaders urges US to avoid devastating default

BusinessG20 finance leaders urges US to avoid devastating default

WASHINGTON: The Group of Twenty (G20) have urged the United States to head off a potentially devastating default and vowed to proceed carefully when the time comes to normalize monetary policy.

A communiqué issued at the end of a meeting of Group of 20 finance ministers and central bankers in Washington said the United States needs to take urgent action to address short-term fiscal uncertainties.

   

It warned that failing to raise the cap would wreak havoc on the global economy.

The US government has been partially shut since October 1 amid a budget standoff between congressional Republicans and the White House. Republicans also have refused to raise the nation’s $16.7 trillion debt ceiling.

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