Sunday, June 6, 2010
"The G20â€™s final communiquÃ© introduced a surprise change of tone from the document produced by G20 finance ministers just six weeks ago .... The April 23 G20 communiquÃ© supported the idea that governments should continue to support growth with stimulus until the recovery is driven by the private sector. Todayâ€™s document, though, backed the sort of immediate fiscal consolidation being planned by Mr Osborne." Looking beyond the political point scoring it seems to me that the government debt bond markets have said BOO! and G20 governments have taken fright.