G20: Bessent: ‘The world is drowning in debt.’ Giorgetti: ‘Italia is in a good position regarding refinancing’
(Il Sole 24 Ore Radiocor) - US Treasury Secretary Scott Bessent stated that his message to the G20 was that the only way out of debt is through economic growth. “The world is awash with debt, following the global financial crisis and the Covid pandemic, and the only way out is through growth. I am confident that many of the leaders are very receptive to this idea,” he said at the start of the two-day meeting in Asheville, North Carolina.
The Iranian economy must not collapse, but must ‘come to its senses’
Iran “takes the sanctions seriously”, Bessent went on to say, assuring that “the Iranian economy does not necessarily have to collapse; it just needs to come to its senses”, in reference to the economic ‘D-Day’ announced last week against Tehran. “We will continue to exert pressure,” he added. Resolving the Tehran issue is also a way of “restoring stability” to the global economy.
Warsh: Stagnation in the US is over; global investment soars
Federal Reserve Chairman Kevin Warsh expressed confidence in the US economy during a brief address at the G20 summit. ‘Today, 100 days into my term, I reiterate a point I made in Jackson Hole a couple of days ago: secular stagnation seems to be a thing of the distant past. The new era is characterised by secular growth,” said Warsh, referring to his presentation last Friday at the Fed’s annual symposium in Wyoming. The chairman of the US central bank added that the current climate is characterised by “a surge in global investment”, reiterating a theme he has addressed several times in recent months: namely, artificial intelligence driving cash flows that fuel corporate growth.
Giorgetti: ‘Italia is in a good position regarding debt refinancing; not everyone in the G7 is in the same position as us’
Italian debt “is no longer a problem as it was in the past: there are many other debts around the world, some visible and others not, which are a source of imbalance”. This was stated by the Minister for the Economy, Giancarlo Giorgetti, who believes that “debt is not the only source of imbalance” in the current situation. “We are in a fairly good position as regards its refinancing. Even amongst the G7 countries, not all are in the same position as us,” the minister concluded, on the sidelines of the G20 Finance Ministers’ Meeting in Asheville, North Carolina.
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