OTTAWA — Stephen Harper is urging his G20 counterparts to get their collective financial houses in order.
The prime minister is hosting next month’s G8 and G20 summits, and the Globe and Mail says it has obtained excerpts of a letter Harper is sending today to the leaders of the world’s biggest economies.
The letter warns that Greece’s debt crisis shows that they can either start lowering their deficits now, or wait for the financial markets to force them to impose harsher measures later.
The first G20 summit in Washington was convened to deal with the domino-like collapse of financial institutions, and leaders responded by promising to spend huge amounts of money to stimulate their economies.
Now there are growing fears that some countries are spending themselves into a new phase of global economic instability.
Harper, however, argues in his letter that countries must continue the two-year stimulus programs they pledged in order to ensure the global economic recovery.