News

As G20 Leaders meet in Ontario, it is clear that the economic crisis that has wreaked havoc on the lives and livelihoods of working people is far from over. Not only is the ’global recovery’ fragile and uncertain, but in the Eurozone the financial crisis has evolved into a wave of speculation against major currencies and sovereign states. The coordinated and inclusive approach to stimulus is now being replaced by competitive and premature exit, as governments, under pressure from bond markets, move to fiscal consolidation. This risks tipping the global economy back into recession with catastrophic results.



It also threatens to trigger social unrest. Events in Greece illustrate the consequences of governments getting it wrong and failing to deliver a fair response.



It is likely to prove to be a historic mistake.



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