• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rich countries' woes in Davos spotlight

Jan 28 2011 10:58 Sapa-AP

Related Articles

Sarkozy renews tax-for-aid call

Trade war fears stalk Davos

Davos highlights economic power shift

CEOs laud Obama's dose of austerity

WEF hosts optimistic despite risks

WEF: 'Africa can't eat democracy'

 
Davos - In a nod to the post-crisis atmosphere, British Prime Minister David Cameron will tell the World Economic Forum that his country's austerity measures are starting to bear fruit, while US Treasury secretary Timothy Geithner will lay out his country's strategy to help the economy.
 
Friday is setting out to be a decidedly political one for the forum, with German Chancellor Angela Merkel - who has been at the heart of the past year's struggle to save the euro - giving her own speech too.
 
But Cameron, whose Conservative-led coalition government has imposed a series of tough measures - from tax hikes to budget caps - to reduce the country's debt, will have centre stage first.
 
"Already we're making progress," he said, in extracts released by his office ahead of the speech on Friday to the annual gathering.

"Not long ago we were heading towards the danger zone where markets start to question your credibility."

Cameron said Britain's triple A credit rating had been saved and market interest rates had fallen.
 
"All this has happened not in spite of our plan to cut the deficit, but because of it. That's why we must stick to the course we have set out."

Still, unemployment has also risen and thousands will see some form of state benefit cut as the government tightens the belt on spending.
 
But that is a trade-off many other European countries are increasingly resigned to, as they try to juggle crippling public debt levels in the wake of the global financial crisis.
 
The Davos meeting's mood has improved since last year, but the 2 500 government and business leaders attending remained wary this week of the possibility that the global recession might return.
 
For Europe, Greek Prime Minister George Papandreou and Merkel will mark opposing poles on the spectrum of economic recovery when they take the stage on Friday.
 
The woes of wealthy countries will contrast with the more upbeat tones in speeches by leaders of developing economies such as Indonesian President Susilo Bambang Yudhoyono and Mexico's Felipe Calderon.
 
Not far from the conference venue, social activists are planning to use the forum as an occasion to name and shame the corporation with the worst social or ecological record in 2011.

The same event will see the launch of OpenLeaks, billed as a rival to the secrecy-spilling website WikiLeaks.
 
NEXT ON FIN24X

PPI quickens to 8.2%

53 minutes ago

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

SAPS waited too long to complain about ad - DA

The DA has told a public hearing that the SA Police Service was "hopelessly out of time" to lodge a complaint against its election advert.

 
 

Latest elections multimedia

13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...