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As finance leaders of the Group of Seven (G7) countries continued their three-day meeting in Japan on Friday in preparation for the leaders' summit next week, Washington's gridlock over its debt ceiling issue has cast a dark cloud over the agenda and US officials' relentless push for radical anti-China moves is facing increasing resistance from allies.
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The Treasury Secretary says a default on US obligations would produce an economic and financial catastrophe.
A default would spark a global downturn that would set us back much further, says Yellen
Niigata, Japan, May 11 (EFE).- Raising the United States’ debt limit and avoiding a default is the only way to avoid an economic catastrophe, US Treasury Secretary Janet Yellen told reporters ahead of the Group of Seven finance chiefs’ meeting in Japan Thursday. “In my assessment – and that of economists across the board – …