James Downey: Greece's economic blaze sparks a political inferno
SIMON Johnson, former chief economist of the International Monetary Fund, said this week that Europe was "looking straight into the face of a great depression". He might well have said the world, not just Europe.
The ex-IMF man made his comments on the eve of the G20 summit in Cannes. As save-the-world meetings go, this one was exceptional in terms of interest -- and, until recently, in terms of optimism. Many observers had looked forward to the impact to be made by the BRIC: Brazil, Russia, India and China, the new economic superpowers.
Instead, the world's leaders met in the worst circumstances experienced so far in the European debt crisis.
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