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Britain's deficit-cutting plans are 'oxymoronic' says former US Treasury Secretary Larry Summers
Larry Summers, President Obama's chief economic adviser for his first two years in office, has labelled Britain's plan to revive growth by tackling its deficit as "oxymoronic", in an unusually outspoken attack."I find the idea of expansionary fiscal contraction in the context of the world in which we now live to be every bit as oxymoronic as it sounds," Mr Summers told a gathering of economists and policy makers at the resort of Bretton Woods in New Hampshire. The analysis from Mr Summers, who also served as US Treasury Secretary under President Clinton, will be unwelcome to a Coalition government that's pushing ... (full story)
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